As Phil Collins Says: That's All.. Upping up target to $ES_F 1392

Today's piece to be read while listening to:  Genesis' “That's All”

http://youtu.be/ae7tASAkop8

Around the Globe

Asia – CLOSED
• Shanghai (China) +0.51%
• Hang Seng (Hong Kong) +0.12%
• Nikkei (Japan)-0.08%

Europe as of 6:07am EDT

• DAX (Germany) +0.05%
• FTSE (UK) -0.41%

Today's Economic News:

Current Allocations from our room:

Performance Month to Date from our room:

Current Breadth Readings:

ES SP500 Futures Comments:

US Dollar DX Futures Comments:

TLT Twenty Year Bond EFT Comments:

Bulls need a little fortitude and here it is:  a reminder that the patient trend indicators are still telling us that we are on an upswing.  Four days down is not good, though, and the horned ones need to become buyers soon.

Short: 1390

Long: 1328

We will take credit for the 1336 hit that we made on the downside, I think we hit 1333 actually, but in all honesty we thought the market was going to rock and rally yesterday.  It didn't.  The damage to the breadth was minimal and the bottom around 3:40pm ET was pretty well exposed and we could see the raw support in that area.   We have actually extended our upside range now to the 1390 area based on the slightly extended downside.

If the markets can not hold this 1333 area, we would wait patiently for 1328 to look for another long possibility.

We remain bullish with the bottom in place, and that is our position until the trenders turn on us.  We would like to see a 4% week for the Ned Davis system to fire a long buy and to make us longer term believers.

One piece of good news for the bulls is that the dollar is not confirming the bearish extension here.  It has been unable to break above 83.50.   It is pushing the top here, we are looking for a break for the bulls with price to move below 82.90.

Since we try not to cuss in this column and it is silly yelling at price anyways, we won't.  We are standing aside here until TLT gets back below that 127 area.  We have a breakout target of 129.60 if I remember correctly. 

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