There was an awful lot of noise in the employment numbers. Futures sank then sprang higher on the headline employment rate. Lots of revisions. Now the reaction. Asia and Europe hammered and now its up the U.S. again. Do we fear the weekend or rejoice?

We have sat fairly short on the way down and although we were looking for one more partial up day yesterday morning, we got nothing of the sort and so we stick with what we have. Now the hard part - as usual - is riding it as the ride gets bumpy once the bus gets moving. Of course, if you are nimble you can use the bumps to your advantage, but that's a difficult task if they come often and fast.

Look for us to at least test the overnight lows again in the futures. Today should be up and down. We are holding on and looking for lower prices still over the next week or so. Do note that the Euro is reaching its AB=CD extension which should at least stop the bloodletting in the commodiites and that should help this become a drift lower rather than a rout.