European markets are up this morning as we await January jobs data here in the US. The past few BLS reports have been solid, and I'm thinking this one should be strong as well. However, the Dow, Nas, and S&P 500 are all trading at monthly highs. And more importantly, we're now approaching last years highs in all the major indexes.
That means the markets are prone to a pullback in coming weeks. We've seen solid gains so far this year, and the odds of the markets breaking through last years highs without seeing some hefty profit taking are extremely low.
That's why I've been lightening up on longs and applying a few more hedges over the past few days...
A few energy related stocks I'm trading today:
CLNE
NOG
TPLM
LNG
DUG
Disclosure: long positions in all
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