Around the Globe
Around the Globe
Today’s Economic News:
Not much on the Calendar today:
Quote of the Day:
Discovery consists of seeing what everybody has seen and thinking what nobody has thought.
–Albert Szent–Gyorgyi de Nagyraolt
Current Breadth Readings: (click here to see all our breadth charts)
Less than two points away from making a historic Zweig Thrust.. A solid rally today that ends on the highs could just seal the deal. That will be one of the fastest thrusts in history, more on that. This is for real folks, don’t underestimate what breadth and the market is telling us, even if it doesn’t seem logical in your model of how the world should work.
ES SP500 Futures Comments:
We think there will be some back and fill, but today could just do a little more squeezing for those bears that thought taking last week off was a good idea. The market is cruel that way.
We think the pain stops at 1410 and then a series of corrections and consolidations can begin from there to work off some of the overbought that has crept in the last 5 days.
This is going to be a very interesting today as the market players are forced to make their moves. In or Out? I’ll let you know tomorrow.
US Dollar DX Futures Comments:
We want to watch this dollar down to 79.75 area, we think there might be some more bullish market hidden in a little more dollar weakness.
TLT Twenty Year Bond ETF Comments:
The TLT has hit our 124 area effectively, so no we would expect a reversal bounce up to 125.50/126 area and then a move back down to the 116 area.
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