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Today’s Economic News:

Large New Sheet today.  It started with mixed news out of Japan with good employment numbers but worse than expected household spending  and manufacturing numbers.   The German numbers were also mixed with a miss on month to month retail sales but decent unemployment numbers (Obama wishes he had those).  Focus for the rest of the day is now on the USA, looking for gold in personal income, spending, attempting to see if the run in good housing news will continue with the Case/Schiller house index, and the Chicago PMI.  Wow, a good metric spot for the USA today.

Quote of the day:
A stitch in time would have confused Einstein. – Unknown

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

Our trender officially puts us on the side of the bulls after getting briefly bear-trapped.  We now begin to look for exhaustion clues again.

ES SP500 Futures Comments:

Short: 1390
Long: 1350

We are leaving the long spot in place for now,  watching closely the consolidation from the run of the end of last week.  We think there is some exhaustion here that might need taking care of and a push up into 1390 will have us looking closely for a short.   The breadth charts remain strong and the slower trender is now confirming bullish breadth.  The pace of the change is disconcerting so we continue to watch.

Those boogie men -  the US Dollar and Bonds -  are still troublesome and they are not trending yet to confirm a sustainable change.   We have the FOMC tomorrow so we could get evidence of real action as opposed to talk.

US Dollar DX Futures Comments:

The US Dollar has yet to break down as it consolidates from the retracement here.

TLT Twenty Year Bond ETF Comments:

TLT and the bonds are showing the same type of action as they hold the pullback.  We need to begin to see movement and testing to stay assured that this market is a risin’.

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