It was actually a fairly neutral day with a surge into the close as some traders bet the jobs report on Friday won't really be as bad as many have predicted. Other than that the major indices just glided along in a rather surprising fashion...some of the indices didn't fluctuation more than a few cents over extended periods of the session. There's no clear sector leadership at this point and based on a few intraday dips into the red it would appear that not everyone is betting on the upside.
The XIV is limping along in the green and appears to be losing momentum.
David Einhorn (Greenlight Capital) thinks the next tech bubble is in the wings and the current lagging behavior of the Qs argues in his favor. Coupled with the Sell in May mantra popping up variously on many trading blogs this is probably not a time to bet large.
