Today’s Economic News:
Don’t like those deflationary numbers out of Europe.. they scare us. OK numbers from Japan and good optimism from the small business group this AM., That has bolstered any early morning weakness.
Quote of the Day:
If at first you don’t succeed, skydiving is not for you.
Featured Breadth Chart of the Day:
Our Zweig continues to correct, and as we feared, that does not mean price will chase. We do have a bearish divergence forming here though.
Comments and Levels for the Front ES (S&P500 – Emini futures) contract:
Up a bit both top and bottom on today’s range targets.
We are setting up some bearish divergences but the market is still uber strong. 305 NYSE new highs yesterday!
There is still some non-popped kernels in the bag, once we stop hearing them we should be able to enjoy.
Patience is the rules for the shorts. Patience all around for us since we like dollar short for a swing, TLT long and ES short..
At some point this cake will bake, in the mean time I need to change the bulb in the Easy-Bake to higher wattage.
Sell Zone: 1651.75 x 1621.50
Buy Zone: 1562 x 1531
Comments about the Front US Dollar DX futures contract:
Dang, we did get some selling in here, we want a test back to 82.80 area. This chart is making hat 84 area is looking pretty good.
Sell Zone: 83.60 x 83.20
Buy Zone: 82.13 x 81.64
Comments about TLT (Twenty year Bond ETF):
Best buy out here in our opinion, TLT up to 123.
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Breadth Charts in Full :
Zweig Breadth Thrust:
Cumulative Volume Index:
Number of NYSE issues trading below their 40 day moving average (40DPI):
New Highs / New Lows ratio chart :
Short Term Trender – McClellan Summation Index:
bearish divergence but bullish overall.
Thank you for Reading –
Marlin aka RedlionTrader @redliontrader
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