Around the Globe
Asia – CLOSED
- Shanghai (China) -1.63%
- Hang Seng (Hong Kong) -0.51%
- Nikkei (Japan)-0.72%
Europe as of 6:07am EDT
- DAX (Germany) -1.58%
- FTSE (UK) -0.89%
Today’s Economic News:
Quote of the day:
A joke’s a very serious thing. – Charles Churchill
Current Breadth Readings:
I have selected the CUM 4 Week NH/NL chart. This is a slower average type chart of the NH/NL we watch where we are looking to stay above 40 for today. This will be difficult and to keep this chart from turning red today would be quite an accomplishment. We suspect this will be the first of the trenders to become negative.
ES SP500 Futures Comments:
Short Area: 1337
Long Area: 1308
Bad opening setting up so far. There may be a European rescue in the next couple of hours, but right now it is looking like a 10 handle gap downside opening. Breadth remains stubbornly bullish, ignoring the constant onslaught of bad news.
The Supremes may be at it again today, the harder decisions on healthcare and immigration have yet to be handed out. Today is the normal day for opinions and the last scheduled day of the court, but that will most likely be extended through the week. Do you suppose on the last day they blast “Court’s out for the Summer” through the halls?
Speaking of summer, Tom has a great deal going for those that want to learn to trade or trade with a group this summer. Check out the summer membership. >>> Summer Membership <<<<
For trading, we still like the the long side because our trending indicators tell us to. I am expecting that to change any day now if we can’t pick ourselves up off the floor. We like buying a test at the 1308 area and would look for a hold there. On the short side, we would look for a short at the 1337 area. The ranges are big because the ranges are big, so we are still settling down from the seismic move from last week.
US Dollar DX Futures Comments:
82.85 seems like a reasonable place to stick a line in the sand for the dollar. Conventional wisdom tells us that we will run to new highs as European leaders attempt to manage what is seemingly looking like an impossible task. We think that both the US and China will step in to stabilize the situation at some point.
TLT Twenty Year Bond EFT Comments:
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