Around the Globe
Today’s Economic News:
Mixed news out of Europe. Initial Jobless claims and inflation numbers out of the US today.
Quote of the Day:
Always do right. This will gratify some people and astonish the rest.
Current Breadth Readings: (click here to see all our breadth charts)
Yeah! We hit that Zweig oversold. Looks like there may be some opposite reaction soon.
ES SP500 Futures Comments:
We are looking for a bounce in here, but buyers beware, we are very range-y, so either wait for confirmation (that could take a week) or be prepared with big stops. The battle for the bottom has begun.
We like 1346 as a probe test for the the lows where we think buyers will step in. The upside and short covering, we think, will exhaust today around 1368 if there is enough power in the markets.
US Dollar DX Futures Comments:
The bears need to be very concerned about the lack of run in the dollar. It should be up over that 81.67 area at these market levels. There is a cap here and a reversal will be a reversal for fortune in equities as well.
TLT Twenty Year Bond ETF Comments:
While we have been looking for a 128 hit, that appears to need some shocking news. A war in the Middle East, the unraveling of Europe, and a Cliff in the USA is not enough I guess. We are looking for a reversal now down to the 124 area, unless a bigger news story comes along.
>>> Follow us @redliontrader<<<<<
DISCLAIMER: The information and data in the following report(s) were obtained from sources considered reliable. Opinions, market data, and recommendations are subject to change at any time. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any commodities or securities. TTTHedge.com, its officers, directors and its contributors may in the normal course of business, have position(s), which may or may not agree with the opinions expressed in this report. TTTHedge.com, its officers, and directors are not agents, representatives, or affiliates of the CME Group or any trading entity. Trading Futures, Options, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. Any decision to purchase or sell as a result of the opinions expressed in these report(s) will be the full responsibility of the person(s) authorizing such transaction(s). BE ADVISED TO ALWAYS USE PROTECTIVE STOP LOSSES AND ALLOW FOR SLIPPAGE TO MANAGE YOUR TRADE(S) AS AN INVESTOR COULD LOSE ALL OR MORE THAN THEIR INITIAL INVESTMENT. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.