Around the Globe
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:
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’.
>>> Follow us @redliontrader<<<<<
DISCLAIMER: The information and data in the following report(s) were obtained from sources considered reliable. Opinions, market data, and recommendations are subject to change at any time. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any commodities or securities. TTTHedge.com, its officers, directors and its contributors may in the normal course of business, have position(s), which may or may not agree with the opinions expressed in this report. TTTHedge.com, its officers, and directors are not agents, representatives, or affiliates of the CME Group or any trading entity. Trading Futures, Options, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. Any decision to purchase or sell as a result of the opinions expressed in these report(s) will be the full responsibility of the person(s) authorizing such transaction(s). BE ADVISED TO ALWAYS USE PROTECTIVE STOP LOSSES AND ALLOW FOR SLIPPAGE TO MANAGE YOUR TRADE(S) AS AN INVESTOR COULD LOSE ALL OR MORE THAN THEIR INITIAL INVESTMENT. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.