Uncertainty

With a major unemployment report and multiple European elections taking place, the market had a lot to think about this week. As usual, when great uncertainty exists, markets exhibit weakness and the S&P wobbled to finish the week at near term resistance. However, with the majority of events happening after the Asian closes on Friday, we expect a degree of follow through on Monday down to about 1355, and so will use this opportunity to take profits. There is potential for the market to nudge further down over the course of the week to 1335, but this would be a strong pivot level where we would prefer to be flat especially after a 5% +  fall in as many days.