Around the Globe
Asia – CLOSED
- Shanghai (China) +1.01%
- Hang Seng (Hong Kong) -0.04%
- Nikkei (Japan)-0.65%
Europe as of 6:20am EDT
- DAX (Germany) -0.35%
- FTSE (UK) -0.13%
Today’s Economic News:
Quote of the day:
Don’t ever take a fence down until you know the reason it was put up. – G. K. Chesterton
Current Breadth Readings:
We study about a dozen different breadth charts and we publish about six every day. We then pick the one that we are watching for some critical piece of confirming information, and today it is our NH/NL chart, sitting at the mid-90’s. We want to watch how this index develops and would like to see a small ripple develop, telling us that we are in a sustained updraft. That would mean something like stay above 60 now.
ES SP500 Futures Comments:
Short: 1375
Long: 1336
Interesting Long: 1359
Tough to call the market’s pre-numbers. The jobs data today will be the week’s grand finale and if the markets are lightly traded, they could be a rippah’ with a big report. Our short area is up at that 1375 where we want to see a double top exhaustion point in the cash market this time. We think the market could correct all the way down to the 1336 area. So far the bears have made back almost 20 from the globex 1375 high. That might be it, which is why we find the 1359 area so interesting.
We will be waiting for the news and judging the quality of the reaction and reposting some numbers. If they come in around expectation (~90K – 125K) then these numbers will do for the day.
Enjoy the weekend. Strange week with a holiday in the middle. Monday – back to normal!
US Dollar DX Futures Comments:
Our bear flag broke to the upside with the ECB and China news yesterday. That puts dollar pressure on the markets, particularly the multi-nationals like General Electric. Beneficiaries are travel companies like Expedia and Travelocity and even dollar stores like Dollar General.
It is looking like the Dollar wants to break out and go higher high now. That would put in an upside channel.
TLT Twenty Year Bond EFT Comments:
TLT – what can we say? It is stuck. It will become unstuck. We don’t know when, but we expect it to go to the downside. Target 123. 
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