Breadth holding neutral, 1345 watch on the $ES_F

Around the Globe

    Asia – CLOSED

  • Shanghai (China) -0.63%
  • Hang Seng (Hong Kong) -1.30%
  • Nikkei (Japan)-0.63%

Europe as of 7:38am EDT

  • DAX (Germany) -0.22%
  • FTSE (UK) -0.37%

 

Today’s Economic News:

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Inflation news out from around the world.  Good news, inflation is contained. The bad news was in the China misses in retail sales and industrial production.  Another gap down today.

Quote of the day:
The most beautiful thing we can experience is the mysterious. It is the source of all true art and science. – Albert Einstein

 

Current Allocations from our room:

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Performance Month to Date from our room:

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Current Breadth Readings:

 

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Breadth now showing some signs of improvement despite another gap down.  The afternoon lifts and yesterday’s price action pushed or 4W NH/NL index into the neutral area.  It needs to follow through today for OPEX week next week.

 

ES SP500 Futures Comments:

 

What can we say. 1345 is the key area, it has been all week.  Any break and we are looking for buyers stepping in and we want to join long if it looks incredibly strong there or short if we finally break.  The pennant we are putting in is roughly 20 points so 1325 area would be the landing zone on a break down.

 

1371 area is where we are sniffing for shorts.

 

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US Dollar DX Futures Comments:

The dollar is working on a ninth day straight of green.  That is rare.  We continue to watch the 81 area for containment and would like to look for a short setup if we get there.

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TLT Twenty Year Bond EFT Comments:

TLT took a decent jump on the auction yesterday.  Still plenty of cash looking for the security of bonds for the summer.  Once the re-allocation is done, which should be soon, we should see TLT go into corrective mode which would help fuel some upside movement in the equities. image

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