Day 2 of border tensions, $ES_F tail winds heading for 1846


Featured Breadth Chart of the Day:

image

Bulls had a goal of pushing this up to the 90s.  88.9, pretty close.   Let’s see if this tail wind from overnight can help them keep it up here.  We did 135 new highs on the NYSE, we want to see 200+ type numbers in here now.


Quote of the Day:
Commerce is the great civilizer. We exchange ideas when we exchange fabrics.
–Robert Green Ingersoll


Comments and Levels for the Front(S&P500 – Emini futures) contract:

Short:  1846
Long: 1832

image

We got locked out yesterday with a strong open that took us to the high of the day.  We have for today a look for a short at 1846.  If we breakout above that then we like long to 1855.  We see 1832 now as a buying station.


On the MiMSmile with tongue out

image

These buying signals on the MiM just are not producing so far this month.  We now have our fifth MiM buy signal and are negative across all tracking times.  In fairness, a breakeven stop at 3:50pm would have kept you undamaged.   Today we are a good couple of points above the buys so post close the MiM has been performing.

If you have streaming issues, please let me know.  info@mrtopstep.com

Date Of Signal Direction x:00 Entry/Close x:20 Entry/Close x:30 Entry/Close
2/3/2013 Long -0.64 -2.80 -3.90
2/4/2013 Long -1.55 -0.70 4.85
2/5/2013 Long 1.21 -1.30 -2.43
2/20/2013 Long -1.07 -1.84 -1.12
Total   -0.9 -5.94 -2.60

* – NFP Day before and day of.
** – New Year’s Eve / End Of Year

If you want to join the meter readers you can go to: Join the MiM


Comments about TLT (Twenty year Bond ETF):

image

Watching to see if a 2nd bounce here at 105.25 can’t get us up to that 108 area.

>>> You can follow me on Twitter  @redliontrader <<<<<


Breadth Charts in Full:

Zweig Breadth Thrust

image

Zweig now in a good place for tracking higher.  


Cumulative Volume Index:

image

Nice buying volume yesterday.  We did see a good buy on the MiM also.


Number of NYSE issues trading ABOVE their 40 day moving average (40DPI):

image

Broader market now convinced yet.


New Highs / New Lows ratio chart :

image

Bulls need to restore this to the 90s.


Trenders

Short Term Trender –  McClellan Summation Index:

image

Bullish.


Long Term Trender –  Cumulative 4-week Highs – Lows (the fat lady):

image

Bullish.


Parting Shot: 

Hockey – Invented in Canada, perfected in the USA.

image

Civil unrest in Kiev and out right civil war in Syria, yet the greatest tension here in the USA is with its northern neighbor as day 2 of Canada vs. the USA hockey continues.  A tough loss for the USA woman and a great come from behind win for the Canadian women have the USA men doubling down on seeking revenge.   It should be a great, great game and it all starts at noon time eastern on NBC.

One of the visual joys of the Olympics is seeing the creative work of the graphic designers from each country.  I enjoy and am amazed at talent that I don’t have.  For the USA designers they have so much more to work with.  Stripes, stars, red, white and blue.  The Canadians have a leaf and red and white (I see black is ok too, not sure where that comes from).

Despite the dearth of design elements, those creative Apple types always seem to pull off great designs like this:

image 

I like the USA shield hockey uniforms this year:

image

Let’s hope they give us super human strength so we can rake up some of those leafs. 

Go USA!

As always, we want your feedback!  marlin@redliontrader.com

Thank you for Reading –
Marlin aka RedlionTrader @redliontrader

DISCLAIMER: The information and data in the following report(s) were obtained from sources considered reliable. Opinions, market data, and recommendations are subject to change at any time. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any commodities or securities. RedlionTrader.com, its  officers, directors and its contributors may in the normal course of business, have position(s), which may or may not agree with the opinions expressed in this report. RedlionTrader.com, its officers, and directors are not agents, representatives, or affiliates of the CME Group or any trading entity. Trading Futures, Options, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. Any decision to purchase or sell as a result of the opinions expressed in these report(s) will be the full responsibility of the person(s) authorizing such transaction(s). BE ADVISED TO ALWAYS USE PROTECTIVE STOP LOSSES AND ALLOW FOR SLIPPAGE TO MANAGE YOUR TRADE(S) AS AN INVESTOR COULD LOSE ALL OR MORE THAN THEIR INITIAL INVESTMENT. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.