Around the Globe
Today’s Economic News:
Quote of the day:
There is no doubt that the first requirement for a composer is to be dead. – Arthur Honegger
Current Breadth Readings: (click here to see all our breadth charts)
Today’s highlighted breadth chart is the 40 DPI, the number of stocks above their 40 day moving average. Both time and price are an enemy to this index and it is looking to us like the run up might just be over.
ES SP500 Futures Comments:
We leave that upside target at 1441 where we would be interested in shorting. If we see 1407 this morning, we want to look at that for support. If 1407 breaks today, we think there is a good chance for a more prolonged exploration of lower prices below 1400.
US Dollar DX Futures Comments:
To be consistent, we want to be bullish on the dollar now. That means a run up into the 80s now.
TLT Twenty Year Bond ETF Comments:
So I am pretty bearish coming in today. One of the ointments that has that fly entangled is the close on TLT yesterday, that sell-off was very bullish and impressive. This gap down open today should un-do that work this AM, but it is worth watching. If we want to be bearish, we want to see the 124 area soon.
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