Around the Globe
Today’s Economic News:
Quote of the day:
The trouble with weather forecasting is that it’s right too often for us to ignore it and wrong too often for us to rely on it. – Patrick Young
Current Breadth Readings: (click here to see all our breadth charts)
The New Highs/New Lows finally broke. That is usually a one day move before a trend is established. Tonight’s close will be very interesting. We are still not in full bear mode yet.
ES SP500 Futures Comments:
Abbreviation this AM to get the numbers out. Watch the initial jobless claims. Our next rung down looking for a hold reversal would be 1416. We see an upside target and short area at 1443. 1436 is key for the bull, 1424 for the bears.
US Dollar DX Futures Comments:
Surprisingly, an attempt to break above the 80.25 area failed overnight which sent the dollar back below the 80 level. We have lost a little bullish dollar confidence, but yesterday’s equity move has to bounce even for the bears so the next 24 should be weak going into Friday.
TLT Twenty Year Bond ETF Comments:
Watching 123 today. We would expect to see some weakness as the Equity markets should bounce some today. The breadth of yesterday’s move, we think, put enough stocks in play for the buy side.
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