Looking at where we are now, it seems that the Nas has caught up with the Dow and S&P. The S&P finished yesterday, pretty much at the top of its range (13011.5), but the Dow was lagging a bit by comparison.
It seems to me that the market has come to the conclusion that there will only be one more rate rise in May. That, is, in my opinion arguable. What is not in question, is that we have very high oil prices ($67.64) and are looking ahead to the driving season. Now I know that many of you may think that the market is now used to persistently high oil prices, but I would venture that it only seems that way. Last week Nymex touched $67.90, then sold off to low $65s. Today we are pretty close to the $68 again. I believe it is at this level that the equity market takes notice.
Today could be a bit of a nothing session, with Non Farms tomorrow. I know that Snow said the Non Farms will be a good number (how the hell does he know), but again I would keep an eye on Crude. For me, today, I will be looking at the short side.