Around the Globe
Today’s Economic News:
Still tough numbers out of Europe. Today in the USA, watch those retail sales numbers
Quote of the Day:
There is no cure for birth and death save to enjoy the interval.
Current Breadth Readings: (click here to see all our breadth charts)
Since we remain on a Zweig less than 40 watch, we will show that chart again. Here we go. Today’s gap up opening that has developed will have to fail to get us there today.
ES SP500 Futures Comments:
There was some strength yesterday and we liked that. It raised our downside target up to the 1358 area now. On the upside, we think the bulls will have to pause at the 1391 area. Still a very large range, that is caused by these volatile days. We did almost twenty points in yesterday’s cash session.
Price is making a possible reversal pattern here with a roundish bottom being put in place. We don’t think 1400 can be broken for a while, and we think the lows may not be in or may be at least equaled one more time in a bottoming pattern. It is Day 3 of OPEX. Yesterday had decent volume all day and may have been the adjustment day, we will have to see.
We badly want that Zweig oversold, which means we need to see some weak days in the next 10 in order to drive the Zweig into the oversold area.
US Dollar DX Futures Comments:
The dollar took a little break yesterday and has developed an 81/81.30 range. We still like the 81.67 target which should be hit based on European distress and more equity weakness.
TLT Twenty Year Bond ETF Comments:
We are still awaiting the touch of the 128 area on the TLT.
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