The USA back to Standard Time, Time to Elect a Leader, All Stocks Are Watching
Around the Globe
Today's Economic News:
Watch those ISM Numbers out of the USA @ 10am EST (Back to Standard time now!)
Quote of the Day:
At the working man's house hunger looks in but dares not enter.
Current Breadth Readings: (click here to see all our breadth charts)
This is the cumulative volume index and it remains weak and traveling in that down-channel which has us bearish. We would rather be at the top of that channel looking to enter a short rather than here. The next two days will be about the US election so we will stand aside and let the news run where it may and see how they position. Right now cash is holding back.
ES SP500 Futures Comments:
We like that 1392 area as a test and a long. Below 1392, we go by 10s for now, 1382 and 1372. On the upside, we like the 1439 area for a fade and above that, 1448. We can not guess here on the market direction as cash is moving around in protective mode for the Election and the fear is not an Obama victory or a Romney victory, the fear is a prolonged decision cycle aka 2000 and the uncertainty that could bring. There is a cloud with a question mark out there, and until that piece of the puzzle is filled in for us we should see bonds rise and stocks fall.
We would expect a relief rally either way on the outcome on Wednesday if we have a good clean decision.
US Dollar DX Futures Comments:
Movement! The US Dollar has broken out and we think a run to the 81.67 area is in the works from here.
TLT Twenty Year Bond ETF Comments:
Today will be a good day for a tell. We would expect to see bonds on the rise here before tomorrow's outcomes. Watch the 123/124 area today.
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