Go rake the leaves today, too much OPEX and Black Friday Talk $study

Around the Globe

    Asia – CLOSED

  • Shanghai (China) -0.16%
  • Hang Seng (Hong Kong) +0.15%
  • Nikkei (Japan)+0.22%

Europe as of 7:12am EDT

  • DAX (Germany) -0.51%
  • FTSE (UK) -0.28%

 

Today’s Economic News:

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OPEX Friday – 10am New Home Sales could be a dollar igniter if we can show something in this economy is moving.


Quote of the day:
There comes a time in every man’s life and I’ve had many of them. – Casey Stengel

Current Breadth Readings: (click here to see all our breadth charts)

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The Cum 4-Week NH/NL is back above that 15 DMA.  This is a fragile area where we could rip to a new high in just moments or take a serious plunge and start a correction.  We are at a major technical crossroads here.

ES SP500 Futures Comments:

Short: 1463
Long: 1441

Same old, same old.  We are leaving our areas as is for today.  We do have to say that today is OPEX Friday, we have shot up 3% in just a few days, and we are celebrating the 25th anniversary of Black Friday in 1987 at /near post 2008/2009 crash highs.  Maybe it is a good day to take off and rake the leaves.

If you must trade, we still think the 1463 area is a good exhaustion area to look for a short and 1441 should be bought.  If we do start to drop, stand aside and be a watcher.  There will be plenty of trades next week.

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US Dollar DX Futures Comments:

Dollar bulls need a good bounce and more Greek video, mix in some Spanish protests and a sprinkle of Italian spice and Irish music and you could get the party started for the dollar.   Since 9/10 we have talked about being trapped in this 79/80 area.  It continues.

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TLT Twenty Year Bond ETF Comments:

Watching 120 area.  We think this should hold and give us a move to the upside.  Today we are right on that theory price, if risk comes out of the market, watch TLTL move up.

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