Around the Globe
- Asia – CLOSED
- Shanghai (China) +0.02%
- Hang Seng (Hong Kong) +0.35%
- Nikkei (Japan)+0.05%
Europe as of 7:02am EDT
- DAX (Germany) +1.23%
- FTSE (UK) +0.64%
Today’s Economic News:
Quote of the day:
I like an escalator because an escalator can never break, it can only become stairs. There would never be an escalator temporarily out of order sign, only an escalator temporarily stairs. Sorry for the convenience. – Mitch Hedberg
Current Allocations from our room:
Performance Month to Date from our room:
Current Breadth Readings:
Today we present one of the trenders, slower marking stocks that help us identify the establishment of a trend. Both of our trending indicators had been bullish since the beginning of June. They have both now, on the same day, turned to neutral. Another down day and they will belong to the bears. The fact that we have flickered to neutral at this point has us doubting that this is a sustainable run for new highs. We are now expecting some type of bottoming. That being said, we are bullish today.
ES SP500 Futures Comments:
Long Area: 1310
Close Term Tgt: 1348
Short Area: 1390
We haven’t moved our upside target yet, but we did put in an intermediate target at 1348 which we think might be a turning point to lower lows. We base our more bearish sentiment now on the failure of the breadth trending indicators. We could change our minds. We are short term bullish for today and up to the 1348.
On the way up we will be looking for signs of taking off, but we think the market needs to extend into oversold now before a rise to new highs.
US Dollar DX Futures Comments:
We pointed out this thrust 5 day consolidation pattern yesterday. Today makes day 5 on the consolidation end with expectations that Monday we should falter.
TLT Twenty Year Bond ETF Comments:
TLT rallied with the markets yesterday. That was/is not normal. Something is going to break here, either with the markets or bonds. Whichever breaks first will tell us where we are going.
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