Around the Globe
Today’s Economic News:
Turn around Tuesday, but which way? Not a lot of news in today’s USA’s news cycle to aid and abet the turnaround features of today.
Quote of the day:
I don’t give a damn for a man that can only spell a word one way. – Mark Twain
Current Breadth Readings: (click here to see all our breadth charts)
Despite the lower pricing, the NH/NL indictor is reaching new highs. We should see dome reversing action soon.
ES SP500 Futures Comments:
We are lazy today and I don’t want to move that buy zone down from the 1448 but we will, down just to 1447, thinking that 1445 will hold. That means we are saying the low of the day is very near. The problem for us issuing a more bearish call is those dang breadth charts. If we weren’t so lazy, we would move that box down and enter it around 1442, looking for a 2% hold on the pullback which would represent a 50% retracement from the head and shoulders bottom on the far left of the chart to the 1468 high.
We don’t think the markets are ready for more than a 3 day pullback at this point and that should be contained. We think we are still in staging mode for another attempt at higher highs and that ranges will remain constrained for the next couple of days.
We are planning to be out of publication mode tomorrow on a call from Monday that the next three days would be relatively un-eventful.
So close, within 5 points of yesterday, will give us a day off. 5-10 points and we will put out a post-market evaluation. A move above 10 points today and we will be up as usual in the morning.
US Dollar DX Futures Comments:
The bulls need to fear the dollar and its fall, too far too fast. We expect to see a bounce up to the 80 test area while Europe continues to fiddle and diddle.
TLT Twenty Year Bond ETF Comments:
TLT took its bounce. Remember, TLT tends to have at least two or three days of follow-through after a reversal. That would put pressure on the markets. We should expect to see the price 121 print today or tomorrow.
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