Around the Globe
- Asia – CLOSED
- Shanghai (China) -0.29%
- Hang Seng (Hong Kong) -0.16%
- Nikkei (Japan)-0.44%
Europe as of 6:15am EDT
- DAX (Germany) +1.27%
- FTSE (UK) +0.89%
Today’s Economic News:
Quote of the day:
For every action there is an equal and opposite government program. – Bob Wells
Current Breadth Readings:
Hard to pick a significant chart today, they all look ok for a bullish leg continuation from here. This is our 50 DPI which is the percentage of NYSE stocks trading above their 50 day moving average, currently around 75%. We use this to look for divergences and to gauge the depth of selling. You can see that during this latest dip, the 50 DPI has stayed fairly strong, an indication to us that selling is widespread or strong.
ES SP500 Futures Comments:
Long : 1336
We liked yesterday’s hold and now it is the bulls’ turn to take a run. We didn’t quite get down to 1336 and we think that is unlikely now. We would expect to see a slower pace run to the 1382 area from here.
With bonds so low, that life boat is very crowded and money is going to be forced someplace else. We still think that is going to be equities over the slow summer months fueling a decent upside rally. For now we will watch our breadth for signs of waning interests there.
US Dollar DX Futures Comments:
Watching the double top on the dollar. We are bearish on the dollar because we are bullish on the markets and feel that any US government intervention to spur growth will be at the expense of the dollar.
TLT Twenty Year Bond ETF Comments:
We talked about a range break, let’s see if it can sustain here. It is difficult for us to trade the range break to the upside when we are so bullish on the markets. The pressure. We still think it will fail in here. If it is not back in its cage by the end of today, we are doing something wrong. That cage is below 127.
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