Around the Globe

Today’s Economic News:

Disappointing news out of Germany last night, not much on the USA plate.

Quote of the day:

No animal should ever jump up on the dining-room furniture unless absolutely certain that he can hold his own in the conversation. – Fran Lebowitz

Current Breadth Readings: (click here to see all our breadth charts)

Those new highs are absolutely amazing.  They need to break to the downside, but right now there is a bullish divergent on with price heading down and NH/NLs heading up.

ES SP500 Futures Comments:

Short: 1470
Long: 1437

The range has expanded.  The 1465 reversal we were looking for was 1462.  We are now  in the downleg which we see extending to the 1437 area.  With our current  breadth strength, we see a reversal zone around 1437 with a leg up to the 1470 area possible.  That is if we can continue with this strong breadth.

US Dollar DX Futures Comments:

Still looking for 80 to hold to the upside, 79 would mean higher highs in the markets.

TLT Twenty Year Bond ETF Comments:

TLT made that higher close on Friday.  Now we would expect to see a reversal here in the 122/23 area.

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