Today’s Sunrise from Fortunes Rocks, Maine.

I haven’t sent out a sunrise picture for a while and today the temperature as I got up was a cool 43 degrees, the skies clear and fresh and a great sunrise shot was in the making.  Days are definitely getting shorter, the last sunrise post I made was on August 8th and that time stamp was 5:40am, so we have lost almost 40 minutes in the morning in about a month.

I hadn’t noticed or thought of today’s significance until seeing the time stamp on my picture.  It was 11 years ago, on a clear-skied day much like today, that the USA shed domestic innocence when 19 terrorists, after years of preparation and planning, seized control of four commercial jetliners and attacked the World Trade Centers in New York City and the Pentagon in Washington DC.   There are many stories from that day, but the lesson I like to repeat is how average American Citizens on United Airlines 93 were able to piece together their situation, organize a team, and act.   Before September 11th, we were all trained as flight passengers to stay in our seats and wait out hi-jackings.  We had seen them before and survival was better when seated.

Through the use of cell phones and news coverage, these Americans on flight 93 quickly assessed their situation and put a plan together that increased their chances of survival and to thwart the senseless and murderous plot of their captors.   Achieving their objective of ending the mission, they sacrificed themselves, saving numerous lives on the ground.  This group of heroes remind us what is great about  America:  pioneering spirit, a sense of right and wrong that requires action, an innovative country that has developed and executed technology that allowed the Flight 93 team to act and defend this country before the “Official” government could even scramble an intercept with a fighter jet.  All in about 45 minutes, Americans found a defense against a plan that was years in the making.  Amazing.

Around the Globe

I am not sure what has Japan all fired up, but another nice number today. We continue to watch inflation numbers, despite the interventionist statements that inflation is in check, we are suspect. Today for the USA I will be watching the IBD/TIPP for a beat in the 48 area.

Quote of the day:
Let’s roll. -  Todd Beamer, September 11, 2001

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

Since we love this chart so much, I thought we would put it up again and again.  It is the number of stocks making 52 week new highs compared to the number of stocks making 52 week new lows.  This 90 area is rarefied and can not hold, so we are looking for weakness here, which almost comes slower than expected.

ES SP500 Futures Comments:

Short: 1444
Long: 1418

We remain bullish here because the trenders tell us to do that.  We will most likely not be able to call the highs since we use trailing indicators a lot to capture trends, so while the highs may be in, we want to remain optimistic on a 1444 new high sometime this week.  Yesterday, we liked the 1% pullback area of 1422 and overnight we hit that.    If we can not turn that into a rally to 1444, then a reversal pattern may be in the setup stages.

Those are are zones. A blow through 1444 and we were way to cautious and a move through 1418 has us way too bullish.  Everything schwinging in between has us just right.

US Dollar DX Futures Comments:

Our stair tread is forming in the step down.  We want to watch 80.85 as upside resistance, a break of that will increase our bearishness on the equities market, a break lower will be tough to do through 80 and we think when it does happen it will be a swift move as the dollar longs will have to capitulate.

TLT Twenty Year Bond ETF Comments:

TLT is making a bear flag of its own.  Over zealous sellers were trying to get out pre-market and gave the TLT a set back from the start.  We watch that 126 line in the sand again.  If TLT can not rise to the occasion and get over that area, we think a further fade to the previous lows in the 120 area and an eventual breakdown to 118.50 may be in the works.

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