Around the Globe

Today’s Economic News:

Some nice numbers out of Japan that we have not seen in a while.  The German Bubill remains negative, that needs to stop.  There isn’t much scheduled for the USA today, consumer credit at 3pm will be somewhat important.  The USA Congress is back in session, so expect some political headlines as posturing for “their man” in the election cycle starts and, not to mention, all of the House of Representatives are up for re-election and 1/3 of the Senate.  “Gotta make the headlines.”

Quote of the day:
The best car safety device is a rear-view mirror with a cop in it. – Dudley Moore

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

We have the Cumulative New High / New Low chart up today for your inspection.  This chart was important for calling the Market top in April.  We are looking for that same signal here as we continue to climb higher.

ES SP500 Futures Comments:

Short: 1442
Long: 1424

The ES remains very strong, breadth is strong too.  That being said, we should expect some corrective behavior from the thrust over the next few days.  We have moved the short area up to 1442.  If we blow through 1444, watch out, that would be thrust extension and we should start making a string of higher days.

We don’t think the first attempt to push the market down will do better than 1%, hence the long area in the 1424 area.

US Dollar DX Futures Comments:

The dollar should have an 80 dollar floor for a while. This will be a strong psych level and will need some news or intervention to break through.  We would expect a bounce and test to the upside to our 80.85 area now.

TLT Twenty Year Bond ETF Comments:

Bonds continue to fall apart, watching that 120 area and eventually the 118.50 area. 

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