Around the Globe
Today’s Economic News:
Quote of the day:
Everything is vague to a degree you do not realize till you have tried to make it precise. – Bertrand Russell
Current Breadth Readings: (click here to see all our breadth charts)
Our Zweig is the breadth chart of the day. The movement back below 50 needs to hold above the 43 area, that means the bulls need to push back today.
ES SP500 Futures Comments:
The bears have been controlling the ball from our exhausted 1465, our 1438 area fell yesterday and 1432 is the current hold line. We like the looks of buying a test just a few points lower at 1429. We think a rally into the 1443 area is short-able.
We are still trading that 3% range from the highs, now sitting just 2.5% back. The bears have done only a little better than this, so proof is on their shoulders. Follow-through is the task at hand.
US Dollar DX Futures Comments:
The Dollar is trying to break out here. Should get a sustained hold over the 80.30 area, we have an upside target of 81.40 in sight.
TLT Twenty Year Bond ETF Comments:
The dollar looks like it is ready to run, that would mean that TLT should be showing signs of running too. We are watching that 123.30 area for a hold and 118.50 downside target for more market upside.
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