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Around the Globe
- Asia – CLOSED
- Shanghai (China) +1.20%
- Hang Seng (Hong Kong) +1.35%
- Nikkei (Japan)+0.74%
Europe as of 6:10am EDT
- DAX (Germany) +0.39%
- FTSE (UK) -0.11%
Today’s Economic News:
Quote of the day:
Indecision may or may not be my problem. – Jimmy Buffett
Current Allocations from our room:
Current Breadth Readings:
We are starting day 5 of the Zweig Breadth Thrust countdown and so far a big yawn. The inability of the markets to really thrust up and break out to the upside are increasing the chances of another low or even lower low retest. Today 1330 area needs to be left in the dust. The market has produced a holiday gap, that the bulls need to leverage for a spectacular up day.
ES SP500 Futures Comments:
It looks like the weekend is going to reward the longs as a nice gap up has developed from Friday’s close. A few times in the Globex markets the price attempted to breakthrough the 1330 area. To no avail.
We watch that region today. Our short sights are set at 1340 area and if we see 1305 we are gong to look long.
The market is currently trading in a bear flag than needs to break 1330 just to carry on the flag pattern. 1350 begins a real breakout. Market remain quite volatile as Europe continues to decide it future.
US Dollar DX Futures Comments
Our dollar continues to look bullish with a little testing. Watch the 82.75 area for further upside resistance. I would not be short this strength.
TLT Twenty Year Bond EFT Comments:
Money stashed into TLT on the close on Friday is going to get punished today. Watch 122.50, if that breaks we might get some downside momentum that might carry over into an equity rally.
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