Only a few hours left in the session. So far, more spastic price action.

With the ECB hiking rates to 4.25% today, I watched the EUR/USD drop 150 pips in about a half hour. Crazy action. This was due to Trichet indicating that the ECB was on hold. That is when the sell off began. The dollar is up across the board, and the FXE backed off resistance nicely today.

Aside from the ECB, non-farm payrolls came in as expected, hence the insignificant amount of buying this morning. 62k jobs were lost, and April and May payrolls were revised lower.

Crude started off strong, testing $146, but has backed off its highs.

I haven't placed any trades today. Nothing looks stable. However, I do think I will be selling some inventory ahead of the long weekend. I'll give you a run down of what I am selling towards the close.

I have spent the morning looking through watchlists and I am seeing more set-ups than I saw last week, which is comforting. In spastic sector rotations like this, in many instances it is hard to get a good signal. What I am seeing so far leads me to believe next week could be the best week of the last few, which says a lot.

If you see something out there of good taste, feel free to share.

UPDATE: It is official, I will be teaching at the upcoming Las Vegas conference.