We Can Still Smell the BS, They Are Still Here and Wanting That $ES_F 1430 Area
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Around the Globe
Europe as of 7:25am EDT
Today's Economic News:
Short news day today as far as economic numbers go. What did come out was not impressive.
Quote of the Day:
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Current Breadth Readings: (click here to see all our breadth charts)
Out of respect for the Zweig, we will represent it one last time to show where it ended up after the 10 day period. Just shy. We do see it going overbought in the next couple off weeks, however, and we remain quite bullish on the markets despite the Thelma and Louise setup that capitol hill is providing.
The one breadth chart that we remain a little concerned about for the bulls is this CVI which is telling us that the volume on the upside is not matching anything close to the downside. That is normal, but we still want to reach up and over that 69K level:
ES SP500 Futures Comments:
Overnight, we wandered down into yesterday's buy area we had at 1401. I think the overnight low was 1402. We actually would like to keep the buy zone in place, but because we are wimps, we are going to inch it down just a tad to center around 1400.
Our sell area has actually moved up to 1433. That is a long way from here and indicates how bullish we feel. A stop below 1400 and a target of 1433, that is nice bullish setup.
1418 is another line in the sand, should/when that breaks we could see a really nice run. Might not be today, in fact probably not.
US Dollar DX Futures Comments:
The dollar is finally following through on breaking down and yet, despite our prediction for higher prices in equities, that has not happened. We think it will.
TLT Twenty Year Bond ETF Comments:
The other directional call that is setting up is the roll of TLT here. It is a slow crest of the hill that, once we can peer over the top (we hope), it looks like the main dip on the Giant Dipper in Santa Cruz. Our target remains 122
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