Ten handles forward and five back. Hard work for the bulls $study

Around the Globe

    Asia – CLOSED

  • Shanghai (China) -0.21%
  • Hang Seng (Hong Kong) -1.92%
  • Nikkei (Japan)-0.28%

Europe as of 6:43am EDT

  • DAX (Germany) -1.21%
  • FTSE (UK) -1.62%

Today’s Economic News:

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Quote of the day:
Let not the sands of time get in your lunch. – National Lampoon

 

Current Allocations from our room:

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Current Breadth Readings:

 

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Day 6 of the Zweig Breadth Thrust and we are just half way there.  It will have to be a spectacular day to keep this going up.  So far the soft projection for the open has us wondering.  We did get our Trenders to turn neutral so that is battle progress for the bulls.

 

That is the second time in May since slipping bearish.

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ES SP500 Futures Comments:

 

That 1330 battle area is tough for both bears and bulls alike.   The bulls did break it twice, only to give it up twice and this AM premarket the bulls find themselves yet again on the wrong side of the line.   The 1315.50 area interests us for a long and we think the next upside extension will take us to the 1339 area.

 

We can only wait it out.  The bulls desperately need a fantastic follow through day that leaves everyone breathless.  That hasn’t happened yet.  Every day is a battle.

 

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US Dollar DX Futures Comments:

The US dollar.  She is so strong this one is.  Just sitting back waiting for some resistance to materialize.

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TLT Twenty Year Bond EFT Comments:

We loved the action in TLT and the selling into the close yesterday.  We need that 123 to give and then a nice drop to the 120 area.  This trade as we said is very crowded and we can see 119.50 as a support area.   image

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