Featured Breadth Chart of the Day:
It is looking more and more that I have this wrong sided, expecting a journey lower. I wanted < 40 before > 61.25. It is reaching up for that higher number now and going into overbought territory. It needs a 2:1 A/D line today to reach rarefied status. That is worth watching.
Quote of the Day:
If all economists were laid end to end, they would not reach a conclusion.
–George Bernard Shaw
Comments and Levels for the Front (S&P 500 – E-mini futures) contract:
It is the worst kind of climb for bears that are shorting – moves that grind higher with very little relief to the downside to adjust entries. For today we watch a reach above 1881 and a break of 1868 for clues of a reset and relaxation phase.
Our trenders have turned traitor on us and and switched sides to the bull side. NHs/NLs have gone all bullish on us. We have a one day opportunity here to get some downside, if that stretches beyond 1868 it could give us some relief.
On the MiM:
Straight down the middle on the imbalances yesterday kept us from trading in that mix. We watch today.
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|Date Of Signal||Direction||x:00 Entry/Close||x:20 Entry/Close||x:30 Entry/Close|
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Comments about TLT (Twenty year Bond ETF):
TLT making another run at the 111.50 highs.
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Breadth Charts in Full: Zweig Breadth Thrust
Can it reach the rarified extreme above 61.5?
Cumulative Volume Index:
Decent volume piling in on the buy side.
Number of NYSE issues trading ABOVE their 40 day moving average (40DPI):
New Highs / New Lows ratio chart:
Rarified levels here. Very, very bullish right now.
Trenders Short Term Trender – McClellan Summation Index:
Long Term Trender – Cumulative 4-week Highs – Lows (the fat lady):
So it turns out that while you and I are inside getting disrobed, unpacked, throwing away full tubes of toothpaste and getting felt-up, one simply needed to scale this “security fence” at San Jose airport to get beyond security. Given the choice, I might actually use this method if it got me a seat inside the plane.
If you didn’t see this story, on Monday April 21st a runaway 15 year old teen decided that the place to be was anywhere but home and his ticket out was a wheel well of a Boeing 767 headed to Hawaii. Only by some miracle did he survive the almost 7 hour flight at 38,000 feet, unheated and unpressurized. So many things could have gone wrong for the teen including getting crushed to death by the retracted gear. He survived. Lucky.
I have long had a fear that the next plane attacks won’t happen through the “well guarded” front door to planes but a flanking attack. Access to airport tarmacs is a joke. It would take little planning or execution to get a fuel truck and slam it into a plane full of passengers on the tarmac. It is harder to get 6oz of shampoo smuggled on board. We are spending a lot in dollars and liberty for the illusion of security.
I don’t know what that kid was thinking, but if he did not know by the age of 15 that the air at that height is thin and non-survivable and that temperatures are below zero, then his education has failed him too. Come on people, take off your shoes and shuffle along like the rest of us.
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Thank you for Reading – Marlin aka RedlionTrader @redliontrader
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