Weak Jobs, Weak Dollar, Weak Economy, We Are Looking at Possible New Highs $ES_F 1506 X 1486 $DX_F $TLT
Around the Globe
Europe as of 6:15am EDT
Today's Economic News:
China mixed, but OK, like Europe and Germany, UK seems to be ok. US Jobs today should disappoint, maybe a revision up from last. We will piggy back trading sentiment with the Michigan Consumer Sentiment that comes out a 9:55am
Quote of the Day:
While the price of freedom and security is high, it is never too high!
–George W. Bush
(I bet he never complains about taxes)
Current Breadth Readings: (click here to see all our breadth charts)
Each day I have to pick which of the breadth indicators to talk about, that choice is an easy one today, the McClellan Summation Index. This index, which is simply the accumulation of the daily McClellan index, has seen just enough slowdown to put itself into neutral bullish mode and lighting up red on the end of nice trend higher. It remains way way way (btw. make sure you count the number of ways) too early to call it a top, it simply puts the index in our books to bullish-neutral and while we might want to lighten the load if we are still long, we wouldn't want to be aggressively short here yet.
ES SP500 Futures Comments:
1499 was yesterday's called top for us and 1500 was the actual. The question is, will we pop higher. We think this could be it but some type of news from the Jobs report that gets the animal spirits stampeding has us hiding our reversal target back at the recent 1506 highs.
On the downside we see a test at 1% back (1491) as important, a fail there and we like 1486.
Short, sweet.. have a great weekend.
US Dollar DX Futures Comments:
Well we guessed right and the dollar continues to breakdown, we had that 79 target to the downside which today we extend to 78.50
TLT Twenty Year Bond ETF Comments:
TLT continues to hold that 116.75 area, we are looking for a multi-day bounce to the 118.50 zone:
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