Around the Globe
- Asia – CLOSED
- Shanghai (China) +0.73%
- Hang Seng (Hong Kong) +1.66%
- Nikkei (Japan)+0.79%
Europe as of 6:53am EDT
- DAX (Germany) +1.09%
- FTSE (UK) +0.34%
Today’s Economic News:
The UK put in some disappointing retail numbers but a strong current account number from Europe is a green light. Today in the USA Obama needs some numbers to start falling his way, that could happen at 8:30am. Existing home sales numbers need to exceed today. The fickle filly fed numbers have been leading in the predicative cycle so watch for a meets or disappoint there at 10am to have impact.
Quote of the day:
I have only one superstition. I touch all the bases when I hit a home run. – Babe Ruth
Current Allocations from our room:
Performance Month to Date from our room:
Current Breadth Readings:
Since we are bullish looking for reasons not to be, the CVI is our chart of the day today. This weak response on the bounce has a decent divergence setup. We are concerned about a “Z” top in pricing so we are watching closely for price breakout.
ES SP500 Futures Comments:
Bullish, bullish, bullish. What can we say, that 1366 area to look for a possible short did setup with an overbought signal and a sell signal but the bull keep right on running ahead. Our upside target now sits at 1386 after two decent thrusts. That makes us more comfortably bullish. There is a double top here at 1375 that the bulls are going to have to work through. A morning short from here could work out nicely as too may bulls might be locked out because of last night’s action as we see profit taking and double-top fear double strike the open and pre-open.
There is a decent amount of news coming out through 10am so trade management through those hours is necessary. As a reminder, this market is cocked to go higher, much higher, as bond holders nervously watch the markets move away. They are feeling stuck in the right lane as the traffic to the left is beginning to really move. Look for those left turn signals and let them in.
US Dollar DX Futures Comments:
The Dollar and TLT are playing the same game. Cup and handle or double top reversal? This 82.50 area should be the bottom of any handle test so we wait for 74 again or a failure.
TLT Twenty Year Bond EFT Comments:
Read the comment above about the dollar, we are waiting and watching. Breadth for stocks is still strong and telling us upside which would require a burst here sometime soon.
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