As long as this weekly chart stays above 50 EMA and RSI trends between 80-40 the market will continue to risk. This chart shows risk on (when going up) S&P relative to aggregate bond market ETF. Ratio is rising stocks are in demand relative to bonds. When it's falling (risk off) bonds are in demand relative to stocks.

There's even a little more room for the markets to fall should the jobs report not be as optimistic as I'm sure investors want it to be. I've been a buyer of stocks over the last few weeks as stocks I've been targeting fall into my buy range. Today was a nice rebound, but it's all going to hinge on investors' reaction to a manufactured report tomorrow morning. Going short just isn't an option right now as the market's trend hasn't officially turned and should the really be a market top we're putting in there will be plenty of time to make profits on the bear trade. Picking a top is just as hard as picking a bottom as there are plenty of broken egos that prove that.