Around the Globe
Today’s Economic News:
When is bad news good news? When the world wants Chinese stimulus and their number just misses expectations. That is what happened last night and Shanghai and Hong Kong both loved it. Today in the US, the initial jobless claims number and wholesale inventories will get mixed into today’s market action.
Quote of the day:
A lie told often enough becomes the truth. – Lenin
Current Breadth Readings: (click here to see all our breadth charts)
We marvel at the strength of the NH/NL indicator, putting in a bend higher. The breadth of stocks making new 52 week highs continues to build and that will make the market harder to sell.
ES SP500 Futures Comments:
Our long short area continues to be tight. We see volatility squeezing out quickly. The next upside extension for us in the low volatility environment is the 1409/1410 are. On the downside, we would expect a pull back that did not have substantial news behind it, to be acquired in the 1382 area.
Posturing for next week’s OPEX will be starting over the next two days.
US Dollar DX Futures Comments:
Dollar is building a kind of bear flat from last week’s fall. That 83 area is key for the dollar bears to begin striking back.
TLT Twenty Year Bond ETF Comments:
Mission accomplished for TLT on the head and shoulders top. We are down about 5 points from the high which makes us marvel how much the market has moved. Imagine getting 25 more points from here to head below 100, that is going to happen at some point. At first it will be good for the market, but as rates rise, it will take a toll on growth.
>>> Follow us @redliontrader<<<<<
DISCLAIMER: The information and data in the following report(s) were obtained from sources considered reliable. Opinions, market data, and recommendations are subject to change at any time. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any commodities or securities. TTTHedge.com, its officers, directors and its contributors may in the normal course of business, have position(s), which may or may not agree with the opinions expressed in this report. TTTHedge.com, its officers, and directors are not agents, representatives, or affiliates of the CME Group or any trading entity. Trading Futures, Options, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. Any decision to purchase or sell as a result of the opinions expressed in these report(s) will be the full responsibility of the person(s) authorizing such transaction(s). BE ADVISED TO ALWAYS USE PROTECTIVE STOP LOSSES AND ALLOW FOR SLIPPAGE TO MANAGE YOUR TRADE(S) AS AN INVESTOR COULD LOSE ALL OR MORE THAN THEIR INITIAL INVESTMENT. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.