Around the Globe

Today’s Economic News:

Piling in the news on Friday.  Asia and Japan did well except for the industrial production which is bit of a problem. 

Quote of the day:
Someday we’ll look back on this moment and plow into a parked car. – Evan Davis

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

We had to highlight that nh/nl indicator.  We think it is telling us that people love their quality and love the stocks they have new highs are pushing to record levels.

ES SP500 Futures Comments:

Short: 1450
Long: 1430

Just the beginning of this week we were lamenting that we needed to see some range expansion and action.  That has happened as the market has lit up.  For the bulls, they wanted to see some follow-through today. That task is made more difficult by having our friends in Europe move the starting line back for us here in the USA.   It is going to have to be a save by the news and we have some of that today.  At 9:45 am is the PMI data from Chicago.  For those that pay the bribe, you get a peek 3 minutes early so the market should react starting at 9:42am.  At 9:55am is the Michigan  Consumer sentiment which can add its own spin to the ball.   It is going to be heavy lifting for the bulls into Friday. 

TLT premarket is up above 125.  Careful to the extreme.

As my mom would say in her mixed up way, the markets are “Skating on thin ground”.  It is proving day today… How bad do you want it Bulls?  How about now?

We are looking for a bounce and hold at 1430, this is not much more down as I write.  If that breaks, watch the 1424.   Caution is needed as it could turn into a stand aside day as buyers just wait and watch to pick up bargains.

We are anxious to see what the markets and data look like, it should climb back up to the 1450 area.

You all have a great weekend and thank you for reading.

US Dollar DX Futures Comments:

That 80 level held so we got our rally on the equities, but that is increasingly looking like a one day wonder as we unravel here into the open.  The dollar is back by 0.40 from the 80 level, if those first two economic numbers post open are bad, watch a run on the dollar and short on the equities.

TLT Twenty Year Bond ETF Comments:

Just when we thought we had a handle on the TLT, Europe has thrown us a curve ball today.  TLT premarket is back above 125.  That would have to recover quickly after the open or else we are looking at 127.50 as an upside target.

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