Market Overview

First You Have to Have a Job… Watch those Numbers $ES_F 1436 in Sight

First You Have to Have a Job… Watch those Numbers $ES_F 1436 in Sight

Around the Globe

    Asia – CLOSED
  • Shanghai (China) +0.60%
  • Hang Seng (Hong Kong) +1.33%
  • Nikkei (Japan)+1.17%

Europe as of 6:18am EDT

  • DAX (Germany) -0.01%
  • FTSE (UK) +0.06%

Today's Economic News:


So far, so green.  Nice PMI numbers out of Germany and Europe, that will help support the Euro.  It is all eyes on the prize today with the monthly Jobs Numbers coming out.

Quote of the Day:
It could probably be shown by facts and figures that there is no distinctly native criminal class except Congress
–Mark Twain

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


Our Cumulative New High/New Low is the featured breadth chart of the day.  It went from bearish to neutral yesterday.  We won't be convinced until we see a decent crossing of the 15 day moving average (the dotted line).  We still have an intermediate bearish outlook based on technicals.  That could change today and next Tuesday.


ES SP500 Futures Comments:

Short: 1428
Long: 1415

Hard to call days that are emotionally laden.  The jobs numbers will have major impact on the news today and over the weekend.  That brings in a huge sideline crowd, some of whom will make investment decisions that will impact pricing.  I wish they would all leave it to us pros.   We still think 1436 is a decent upside target for this move, but technically we need to watch 1428 should we levitate there (levitate is a slow rise).   We don't think the markets can get much above 1448 before turning negative, this time we think decidedly.

All indications are that the numbers should be in-line.  ADP was good and the Monster index overnight was decent. Watch for revisions from last months controversial numbers.

If today is the day that the wheels fall off, a bad number for instance, added to bad news from Europe, watch for a break of the 1415 area which should reopen the door to the 1400 lows.



US Dollar DX Futures Comments:

It's really trying to break out, those PMI numbers out of Europe were pretty good though.  Let's see if it can last the day above 80.25



TLT Twenty Year Bond ETF Comments:

Nice turn on TLT.  This is our confirmation on risk now.  The US Dollar is a little confused between stimulus and growth.  If the market is to fall apart, the bears would like to see a hold above the 120 area.


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