Today’s Sunrise: 6:50am EDT.
Around the Globe
Today’s Economic News:
Good numbers for so few. Watch 9:55am ET for the Michigan numbers, those can be market movers.
Quote of the day:
My doctor told me to stop having intimate dinners for four. Unless there are three other people. – Orson Welles
Current Breadth Readings: (click here to see all our breadth charts)
Knock, knock,knocking on the bear’s den door. We are right at the bear trend cross. We would like a foot save here and then short a real cross aggressively.
ES SP500 Futures Comments:
We traded between yesterday’s ranges, we want a second chance with the same numbers. That 1438 area is a neckline of an inverse head and shoulders should we get there today. A break above that puts a target for close to 1460. Shorts could get spanked. Watch 1438 and news from Europe. Do not short the 1443 unless you see momentum wane.
US Dollar DX Futures Comments:
We have two compasses, both imperfect. The Dollar and Bonds (TLT) – one is now pointing north and one south. Which one to follow? The US Dollar here has been sent back below that 80 area. The bull in the equities wants to see 79.25 break. This double top around 80.25 is the target for the stock bears.
TLT Twenty Year Bond ETF Comments:
So while the dollar is busy looking weaker now with a double top in place, the bonds and TLT are looking like there’s a better chance for a reversal to the upside. The channel breakout and higher lows need to test the 125 area now.
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