Around the Globe
Today’s Economic News:
The UK has some negative growth – numbers were negative but better than expected while Germany continues to miss on factory orders. No market moving news scheduled for today.
Quote of the day:
Study without desire spoils the memory, and it retains nothing that it takes in. – Leonardo da Vinci
Current Breadth Readings: (click here to see all our breadth charts)
The Zweig is our indicator for today. Both breadth trenders have moved into the bull camp now, this Zweig needs to get up and over that 57 area.
ES SP500 Futures Comments:
We scooted up the short area just a little bit today. There is some momentum leaving the market, if we can get above 1400 ES, we should start to run higher. The next extension level from here is 1406.
We would like to see a pull back to 1370 and look for buyers in there. We do think a floor level sits now at 1335.
US Dollar DX Futures Comments:
The dollar is testing the lower bounds of the widening wedge. That wedge contains the uncertainty of the intervention, a kind of meter. The lower level means that there is faith that Europe is following through, the upper side is Euro failure. It still could go either way.
TLT Twenty Year Bond ETF Comments:
Bonds found a bottom, maybe temporary, here at the 127.50 area. We have an inverse HNS target at the 125 area and a worst case scenario upside target of 135.50.
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