Searching for Mr. Goodbear $study

Around the Globe

    Asia – CLOSED

  • Shanghai (China) -0.52%
  • Hang Seng (Hong Kong) -0.32%
  • Nikkei (Japan)-1.05%

Europe as of 6:30am EDT

  • DAX (Germany) +0.36%
  • FTSE (UK) +0.75%

Today’s Economic News:


Quote of the day:
I am just going outside and may be some time. – Captain Lawrence Oates


Current Allocations from our room:



Current Breadth Readings:



Day 7 of the Zweig count starts today.  It is looking less and less likely that the markets are going to give us a clear signal here.  It would be better for the markets to get back to oversold and try again, but we take it as it comes and right now we sit near that 50% neutral.  Our longer term trending breath charts are chopping around in neutral now after a month of bearish, so there is some progress for the bulls.



ES SP500 Futures Comments:


ESM continues to be building a bear flag as it climbs slowly off the lows.   Our short area today sits way up at 1341 area and we are interested in picking up and longs with a test of the 1306 area.  The breadth is neutral the markets are just marking time waiting for a trigger event to either rally or sell-off.


That trigger event could be any of the news stacked up for the next two days as well as some resolution to the Europe situation.  GDP, ADP, Chicago PMI all today and tomorrow is the NFP!  So watch the reaction and see if we trigger the next real move.  In the mean time the market is do a good job searching for a reason to be more bearish or bullish.



US Dollar DX Futures Comments:

Yesterday’s thrust in the dollar is going to be tested, so far the biggest pullback has been two days.  Anything more that that would show weakening in the trend.


TLT Twenty Year Bond EFT Comments:

A bond bubble, but how big can it get?  We have hit that 127 area now projected from the inverse head and shoulders, much to our surprise.  When the reversal happens it should be swift.  The nice thing about TLT selling is that is is multi-day so jump on board any good size sell-off. image

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