Around the Globe
- Asia – CLOSED
- Shanghai (China) -0.24%
- Hang Seng (Hong Kong) -0.66%
- Nikkei (Japan)-0.97%
Europe as of 7:05am EDT
- DAX (Germany) -0.80%
- FTSE (UK) -0.32%
Today’s Economic News:
To me, the overnight news was mostly good, the markets, however, are down this morning. Go figure.
Quote of the day:
Never express yourself more clearly than you are able to think. – Niels Bohr
Current Breadth Readings: (click here to see all our breadth charts)
There is an awful lot of chatter about a pullback, overextended, light volumes, unsustainable… blah blah blah. This chart suggests, with this tight up/down pattern here in the 80s, that there is still more upside to come. We may pull back, but breadth suggests that that is a buying opportunity as opposed to a reversing opportunity. Both trenders are in the bulls’ camp.
ES SP500 Futures Comments:
This week of low volatility has teased us to move our ranges even tighter. We think that 1403/4 for today will be the top for a little downside rest for the bulls, but we don’t think that rest will last long as we expect when and/or if prices land in the 1389 zone, some diehard equity fans will perceive that as the bargain basement. Those define our buy/sell areas of interest for the day as we head into OPEX.
Officially the trenders and breadth have us into buying the dips. There is a dip drought, however, that has the buyers thirsty, this could stunt any decent pullback.
US Dollar DX Futures Comments:
The EURO had a tough time trading yesterday in this “talk to action” phase of European intervention. The markets are getting a little impatient here waiting for the “saved Europe” follow-through. The Olympics will be over in a few days and we won’t be so unfocused.
TLT Twenty Year Bond ETF Comments:
Bounce at 125? It would certainly seem like the TLT bears would have to pay some respect to this support area. We spent all of June exploring every penny of it, so I would expect some bounce or sideways movement in here.
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