Around the Globe
Today’s Economic News:
Quote of the Day:
The bananas were like that when I got here!
Current Breadth Readings: (click here to see all our breadth charts)
Since we have made a big deal about waiting for the Zweig, here we are showing our Zweig chart again and scratching our heads saying, “What will it take?”. We now have had four attempts at breaking into oversold. It will get there someday but this is the bounce area. The bears need to pour it on.
ES SP500 Futures Comments:
The Markets remain weak. The overnight ZEW numbers show much cause for concern out of Europe, as if we didn’t know that already. Dollar rally, market falls. We want that Zweig oversold so we can begin to turn it around, but it is sitting for the fourth time right where it took big bounces three times before.
For today, we think 1382 will cap the market as we continue to put in a bear flag looking decline. For a buying opportunity, we are keeping yesterday’s target in place at 1354. This is a wide range. It is OPEX. We have a sentiment survey out at 10am.
US Dollar DX Futures Comments:
Still waiting for that dollar to hit target here. We could see a little handle form now if the market wants to bounce some.
TLT Twenty Year Bond ETF Comments:
Our break and then small follow-through on the TLT has happened. We are still looking for an exhausted move to the 128 region.
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