Around the Globe
- Asia – CLOSED
- Shanghai (China) -0.12%
- Hang Seng (Hong Kong) -0.25%
- Nikkei (Japan)+0.69%
Europe as of 7:10am EDT
- DAX (Germany) -0.96%
- FTSE (UK) -0.31%
Today’s Economic News:
Nice German Industrial order number, terrible housing data from the UK. The market appears to be reacting positively to the Small Business sentiment survey which came in better than expected.
Quote of the day:
Science is organized knowledge. Wisdom is organized life. – Immanuel Kant
Current Allocations from our room:
Performance Month to Date from our room:
Current Breadth Readings:
Although there was an uptick in yesterday’s breadth numbers, it was insufficient to call a bottom or even a bottoming process to our correction.
ES SP500 Futures Comments:
Nice Small Business Sentiment numbers have us off the overnight lows and we are currently sitting just near to a flat open having moved 8 points off the bottom. We are keeping our short area where it was yesterday in the 1373 area. We think the market is capped until it is either stimulated from the Feds (European or US) or some stronger economic news.
Our buy area will be a retest of the 1342 low.
We are sitting smack in the middle of either further downside or up. We think there needs to be a retest to convince the sideliners that a bottom is in place.
US Dollar DX Futures Comments
Our Dollar continues to struggle to go higher.
TLT Twenty Year Bond EFT Comments:
TLT attempted to breakout this am but was sent back into its hiding place. We continue to moan that until we break the bottom of this range, the market top is bound.
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