Around the Globe
- Asia – CLOSED
- Shanghai (China) +1.06%
- Hang Seng (Hong Kong) +0.62%
- Nikkei (Japan)+1.10%
Europe as of 7:36am EDT
- DAX (Germany) +0.93%
- FTSE (UK) +1.16%
Today’s Economic News:
TTT Buy Signal Day 3 of 5
The TTT Buy signal is starting day 3 of 5 with a really nice thrust day on Monday. Looking for follow through now on Tuesday.
TTT Buy signal chart of the day:
Quote of the day:
If we have learned one thing from the history of invention and discovery, it is that, in the long run – and often in the short one – the most daring prophecies seem laughably conservative. – Arthur C. Clarke
Current Allocations from our room:
Current Breadth Readings:
Our featured breadth chart today is the Zweig Breadth Thrust signal which just fired a count down sequence by crossing the 40 line. It now has 10 days to prove that this is a great bull market by making it to 61.5. Let the countdown begin!
ES SP500 Futures Comments:
Nice up-day yesterday. We are looking for a hold or another follow through day to the upside. If we rail-road it here, that is put a matching daily candle to the downside all bets are off. We want to hold 50% of yesterday’s move. That defines our buy zone around 1305. We think the market will find resistance around 1324 which is our shorting area.
Normally we would expect us to do an NR7 day and consolidate, which would remain multi-day bullish. A read of the S&P a/d line above 2:1 on the close would have us long into tomorrow.
1340 is our 2nd upside target should be break through the 1324/25 resistance.
US Dollar DX Futures Comments:
Liking the dollar short in here for a few days. Stops above 82. Downside target remains near 80.50
TLT Twenty Year Bond EFT Comments:
Tom called live in the room a short on the double touch of the high 124.47. We think that is a brilliant call and looking for around 120 as a short term price objective. We want that cash squeezed back out into the markets. The Feds have done a brilliant job lower the rates without destroying the markets.
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