Around the Globe
Today’s Economic News:
We are very light on news, but remember, it is OPEX Friday.
Quote of the day:
The nice part about being a pessimist is that you are constantly being either proven right or pleasantly surprised. – George F. Will
Current Breadth Readings: (click here to see all our breadth charts)
Our breadth chart today is our CUM 4 Week.
ES SP500 Futures Comments:
Can the bears follow through? We have to figure out how much of Friday was based on history (black Friday) and OPEX. Today around noon-time is a good time to sit back and take in where the market sits. If we are above the 1441 area, then Friday can be erased. It needs to be erased with enthusiastic buying. If we lose the opening gap this AM and start to play with 1420, we think the market is telling us it is getting tired and done. We are close to wanting to show rallies, in fact, we want to short anything that pushes up into 1441. A new low at 1416, near the previous low, is an interesting buy area for us.
In short, the bears need to follow through (new low) to finally kill this bull. The bulls need to turn out and buy these “new” bargains enthusiastically.
US Dollar DX Futures Comments:
The dollar holds the key. We think we could get a dollar fallout over the election, as what seemed inevitable a few months ago, an Obama re-election, is now in serious challenge. That puts uncertainty into the US equations.
TLT Twenty Year Bond ETF Comments:
TLT did a reversal, now it is up to 124 to hold. This AM’s gap has us watching 120 today.
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