Around the Globe

Shanghai (China) -1.30%

Hang Seng (Hong Kong) -0.08%

Nikkei (Japan)+0.37%

Europe as of 7:22am EDT

• DAX (Germany) +0.56%
• FTSE (UK) +0.46%

Today's Economic News:

Decent news out of UK today and that has Europe up green by about 0.5% as of 7:41am ET.  Watch the 8:30am news today to get the market set.

Quote of the Day:
We need not all agree, but if we disagree, let us not be disagreeable in our disagreements.
–Martin R. DeHaan
 

Current Breadth Readings: (click here to see all our breadth charts)

We are starting day 6 so we are half way through our Zweig count and annoyingly close to finishing the deal.  We need a stretch day to get there.  A good 2:1 on the NYSE and I think we are there. That means we need a good news cycle.

ES SP500 Futures Comments:

Short: 1410
Long: 1398

We remain in a tight range for our ranges today, looking to get blown out one way or another.  I think if we can get some good news to cause the shorts to begin stopping again we could get some upside and if we can hold that a Zweig thrust.  Else it is reversal time and some of this overbought will need to come off the top.  We are more interested in up than down right now.

US Dollar DX Futures Comments:

Equity bulls are going to need to have this grape cluster fall from here breaking the 80 and finding support around 79.75.

TLT Twenty Year Bond ETF Comments:

We don't see breaking 126, we have that as a topped area and do expect to see 122 over the next couple of weeks.

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