Around the Globe
- Asia – CLOSED
- Shanghai (China) -0.70%
- Hang Seng (Hong Kong) -0.43%
- Nikkei (Japan)-1.02%
Europe as of 6:55am EDT
- DAX (Germany) +0.68%
- FTSE (UK) +0.45%
Today’s Economic News:
Quote of the day:
Tact is the knack of making a point without making an enemy. – Isaac Newton
Current Allocations from our room: CASH 100%
Performance Month to Date from our room:
Current Breadth Readings:
Our 4 week cumulative NH/NL ratio turned bullish the other day. It is the weakest of the bullish trend signals and the underlying index, our NH/NH is right on the cusp on signaling a early end to the run. We want to watch this indicator closely for a negative close.
ES SP500 Futures Comments:
Short Zone: 1321
Buy Zone: 1285
All eyes will be on the forming head and shoulders on the ESu contract. It is a 40+ point move so it will be a decent marker for the next couple of days. We have put our sell or short zone up at the symmetrical right shoulder which is 1321 area. For a buy today (assuming it is not hit from a failure at 1321) is 1285 area.
Our breadth is still in the “buy the dip” mode, but it needs a good day to day to keep the trenders from returning to neutral, if we can’t rally today, the dip is getting old.
US Dollar DX Futures Comments:
And, speaking of neutral, we are a little neutral on the dollar with trapped advances to the upside and downside the dollar seems contained in this 82.85 area. We will watch for a breakout to determine the next move.
TLT Twenty Year Bond EFT Comments:
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