Around the Globe
Today’s Economic News:
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)
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:
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.
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.
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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