TTT Buy Signal – Done
We finished our 3rd TTT Buy signal shortly after the market’s close. And speaking of close, how close were we to hitting that 3-5% average? So very very close. Check out the TF chart below.
We are going to score the signal with a check and not a check plus but kudos to member Gary A who texted me last night with the observation that had we extended the last signal by two days it would have been better. The implied message being that we could get even more over the next two days. We will report back but Gary A gets a check plus for extra credit. TY.
Here is the TF chart just shy of the 3%. Nice call for Tom Malone and we are excited about the hold!
Around the Globe
- Asia – CLOSED
- Shanghai (China) -0.74%
- Hang Seng (Hong Kong) +0.25%
- Nikkei (Japan)+0.20%
Europe as of 7:25am EDT
- DAX (Germany) +0.19%
- FTSE (UK) -0.28%
Today’s Economic News:
Quote of the day:
If the fans don’t wanna come out to the ballpark, no one can stop ’em. – Yogi Berra
Current Allocations from our room:
Current Breadth Readings:
Day 4 of the Zweig Breadth Thrust and we are slowly moving toward target, but we should be above 50 at this point. This is a slow producer thus far.
ES SP500 Futures Comments:
Slowly I turned, step by step, inch by inch. We have had some great rallies, but that bust up out of a potential bear flag has not happened yet. We need that breakout day that isn’t a fight back rally from an intraday fire sale.
We are making an up-trending channel which defines our buy area today around 1300 and our interested short area just shy of 1340. We have a cup and handle formation that if 1330 should break targets out to 1350. That would be a break out.
Breadth while improving is so incremental and fragile. I would characterize it as timid. The bulls are afraid to take control of the market, but the bears have slowed down their selling to a pace that upside is possible, at least intraday.
**** Note. Please don’t post in the room today “Who is going to want to hold over the 3 day weekend”. There will be plenty of people holding over the next 3 days. Europe wasn’t built in a day and it won’t fall apart on Sunday, at least it is unlikely to. I haven’t done a study but I would think that those that take on the risk of non-liquid market are rewarded for taking on the slight extra risk. I am not saying hold for the weekend, I am just saying there are plenty of buyers that do and will, so don’t use that as your going short at 3pm ET strategy. Those that matter and want risk off for the weekend have already done so.
Enjoy your 3 day weekend and open your TTTHedge mail as Webinar Frenzy starts on Tuesday with Corey Rosenbloom. Text, tweet and pass on emails to your friends, linkedInfacebooktweeterfollowersgooglecircle acquaintances.
Most important, take time to thank a vet and to remember those that you can’t thank. Their sacrifice has made this all possible.
US Dollar DX Futures Comments:
The dollar has turned what was a slow upside grind into something really nice. This 82.50 are should present some problems. We would look for a pullback to the 81.60 area and then an extension to 83.25 area.
TLT Twenty Year Bond EFT Comments:
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