Around the Globe
Today’s Sunrise from Fortunes Rock’s, Maine..
Today’s Economic News:
Quote of the day:
Rock journalism is people who can’t write interviewing people who can’t talk for people who can’t read. – Frank Zappa
Current Breadth Readings: (click here to see all our breadth charts)
Back to looking at the Zweig today. A higher high setup leaves this indicator in the bull camp and looking for more.
ES SP500 Futures Comments:
Our trading ranges are tightening quickly as the markets go into higher high creep mode. Not one of these thrusts since June 4th has been able to turn into a grinding multi-week trend. We are watching closely for signs that this one is different. Thus far, everything is holding on.
We see the next push higher hitting the 1408 area and buyers should be sitting at the 1384 area for accumulating. If this range continues to narrow and price behaves in those ranges, then a nice upside trend, like the one at the end of 2011, should be setting up.
US Dollar DX Futures Comments:
A couple of narrow days on the US Dollar as the equities markets continue to push higher. Waiting for the next dramatic move in this area. The markets are impatient and need daily doses of injected intervention.
TLT Twenty Year Bond ETF Comments:
The TLT 125/125.50 head and shoulder target is in the scope now. We would expect some sideways action in here.
>>> 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.