Around the Globe

Asia – CLOSED

Europe as of 6:25am EDT

Today's Economic News:

• DAX (Germany) +0.96%
• FTSE (UK) +0.19%

Great numbers out of Europe and the Rally party continues, the US needs to catch a little of that.   There is plenty of time for the press conferences on interest rates to ruin the buzz.  In the US, it is the initial jobless claims that need to take a front and center look at.  We have been stubbornly in the upper 300K number for a long time.  Hurricane Sandy didn't help and now Citi & Hostess are adding to the joblessness.  Watch those Challenger Job Cuts, there was  11% growth year over year last month, I suspect we should see the same again.

Quote of the Day:
I got a new keyboard!
–Al

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

We have this CVI chart, which continues to give our bullish stance angst.  We need that 69K to be taken out.

ES SP500 Futures Comments:

Short: 1419
Long: 1402

Were we lucky or what with that 1397 call yesterday for a reversal?   We are getting better at finding those “stretch” targets where a technical level is broken on momentum and stretched to a max.  That lower level today is 1402, although we suspect that, pending no really negative news, that the 1406 area should hold today.  We want to claim 1418 for our bullish stance although for today we don't think the bulls can rise above 1419, so if hit early that is our look for a shorts area.

US Dollar DX Futures Comments:

We like how the day is starting, we also like the hold below 80.

TLT Twenty Year Bond ETF Comments:

There is an awful lot of work and effort going in to support lower rates and to keep the TLT above 124.  Eventually, those should stall and, while we liked 122 yesterday and the day before that and again a few more times, we are moving our targets up now to 123 as time has scooted along.  We need to see the TLT break.

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