Zweig Countdown Begins, should get 2 good upside days $study

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Asia – CLOSED
• Shanghai (China) +1.82%
• Hang Seng (Hong Kong) +0.93%
• Nikkei (Japan)+0.70%

Europe as of 7:47am EDT

Today's Economic News:

• DAX (Germany) +0.66%
• FTSE (UK) +0.08%

Quote of the day:
Education's purpose is to replace an empty mind with an open one. – Malcolm Forbes

Current Allocations from our room:

Performance Month to Date from our room:

Current Breadth Readings:

Our focus on Breadth right now is with the Zweig chart:

ES SP500 Futures Comments:

We like the Zweig crossing and the two day follow through we should get.  Today's gap should get some testing, and that pesky 1372 that disappointed us for a hold two days ago is in play as upside resistance today.. Above that is 1380.   While yesterday's A/D lines were great, the price action was a little more subdued than we wanted, so we need to get the show going with a nice price push over the next two days.

If the gap closes today, we want to buy into what we think is going to be another attempt at a top, but we could fall short like a North Korean rocket at any of the upside targets.  We continue to hold out for 1400 but it is tucked away up there looking to see what today will bring and if our readings are correct.

US Dollar DX Futures Comments:

We would like to see the $ hold that 79.60 area, any poke through should not extend below 79.50.  We like the target at 81.25.

TLT Twenty Year Bond EFT Comments:

TLT gave us back a little yesterday and we sit below our short open now looking for the 112 are and thinking 113 might just be enough now after having been drawn through the mud.

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