Featured Breadth Chart of the Day
Ping pong on the A/D lines as we bounce up, but the bulls have shown a two-fer in here. Two days of up and get those numbers back up.
Quote of the Day:
I was so hungry I could have eaten a horse. But only pigs were available.
Comments and Levels for the Front (S&P 500 – E-mini futures) contract:
OK bulls, show us what you’ve got. I have 1892, an extra +1 on yesterday’s number. That is the double dare level for today. A breach and we may be on a run to 1913, a new century.
If the breadth is foretelling a different outcome, we see 1855 as a downside target with confirmation on that script coming in on a break of 1876.
On the MiM:
A large sell imbalance on Goldman Sachs had the dollar side of the MiM pushed to the sell side, while the symbols were aligned with the bulls. That makes a divergent MiM and, for me, is not a signal for a MiM trade.
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|Date Of Signal||Direction||x:00 Entry/Close||x:20 Entry/Close||x:30 Entry/Close|
|5/8/2014||Long||3.11 (xx:40)||1.24 (xx:40)||—|
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Comments about TLT (Twenty year Bond ETF):
Bonds like the downside when the markets show strength. We are looking for a trend change and that hasn’t happened yet as the interest rate trend is still to the downside.
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Breadth Charts in Full: Zweig Breadth Thrust
A/D line is working it out. We would love to see it break and run below 40 and get oversold, something it hasn’t done since last year.
Cumulative Volume Index:
A divergence here as CVI is lower and a higher high. Bulls need to work it out.
Number of NYSE issues trading ABOVE their 40 day moving average (40DPI):
New Highs / New Lows ratio chart:
Trenders Short Term Trender – McClellan Summation Index:
Long Term Trender – Cumulative 4-week Highs – Lows (the fat lady) :
About a month ago I wrote a parting shot on a CNN story about treatment of our veterans in the VA hospital system. That was a month ago. Yesterday, our President stood up and announced he wasn’t going to stand for it. I agree, but he is a bit late to the boat. But then again when government is ruled by political necessity, the fire has to get hot enough to kick leadership into action. Instead of doing the right thing, we have to wait for poll numbers to come up.
Now we are told to be patient as we are put on the president’s waiting list and while he does yet another thorough investigation, another political waiting list where we are the victims of the same inaction that the VA is accused of. I wonder where it comes from?
This time there is more than the life of an ambassador at stake and we need to team up, left, right, centered, or dis-enfranchised, it is time to stop making excuses and demand the government that we pay for. Despite what you are told, you built that, go take it back.
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Thank you for Reading – Marlin aka RedlionTrader @redliontrader
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