Around the Globe
Around the Globe
Europe as of 6:42am EDT
Today’s Economic News:
We colored the PMI numbers out of Germany today as green, we would feel better if/when we get above 50. We liked the UK numbers better, but the 6 month Bubill is showing us fear is still there on the short term.
Quote of the Day:
The deeper that sorrow carves into your being, the more joy you can contain.
Current Breadth Readings: (click here to see all our breadth charts)
Since it is day 10 on the Zweig count and all that hype ends today at 4pm EST, we will feature it one more day, unless we make it tomorrow. But we also want to point out our trender below that which we were waiting for bullish confirmation on. That happened on Friday with the cross of the 15 DMA for the cumulative new high / new low index.
ES SP500 Futures Comments:
Off to a great start this morning. Looking at the US dollar below, we like it a lot as it falls lower. Europe seems to be settling down for now, if we can get some fiscal cliff positive news we should see that 1431 area which might be a bit of a struggle. If we do start our own cliff diving, we like the 1401 as a landing pad.
We remain bullish and the breadth indicators are filling in behind us, continuing to give us courage on holding long for eventual new highs. We owe ourselves a bearish scenario and we will be working that today to make sure we have plan B in our back pocket.
US Dollar DX Futures Comments:
Watching a break here of the 80 area and very excited. Watch TLT for a fall and the markets for a rise here today.
TLT Twenty Year Bond ETF Comments:
Bulls need this to be the crest and see some falling TLT prices here this week to pump that equity market up. Again, we are looking to the 122 area.
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