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    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

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    PEAK ASSET: AFTERNOON WRAP 15 JANUARY: | ASX down 0.6pc over the week | Lithium sector springs back to life amid acquisition deals and price rises | China stocks fall as consumer, liquor firms retreat |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 15 JANUARY: | ASX to rise | Wall St lifts on Biden stimulus |The potential life-changers on Tolga Kumova’s radar in 2021 |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 14 JANUARY: | ASX gains 0.4pc | Consumer firms drag China shares lower; Alibaba, Tencent boost Hong Kong | Azure Minerals starts accelerated exploration and resource drilling program at Andover |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 14 JANUARY: | ASX to edge up | Here’s what ASX stockspert Bhavdip143 likes so much about the $35m Chimeric IPO |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 13 JANUARY: | ASX snaps loosing streak | China stocks mixed on profit-taking; consumer, healthcare down | BPH Energy’s investee Advent closer to drilling Baleen gas target, carbon capture and storage research |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 13 JANUARY: | ASX to slide, Wall St mixed | Felix becomes 2021’s first ASX tech IPO; shares edge upwards |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

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    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 18 JANUARY: | ASX sheds 0.8pc | Tietto Minerals appoints COO to drive development of Abujar gold project | China, Hong Kong stocks climb on upbeat GDP data |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

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    The Cotton Row Journal, week of 11-15 Jan

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    PEAK ASSET: MORNING WRAP 15 JANUARY: | ASX to rise | Wall St lifts on Biden stimulus |The potential life-changers on Tolga Kumova’s radar in 2021 |

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Strong PMIs out globally today, but is the party over? $ES_F 1700 x 1666

Marlin Cobb by Marlin Cobb
Thursday, August 1, 2013
in Commentary, S&P 500
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Strong PMIs out globally today, but is the party over? $ES_F 1700 x 1666
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Today’s Economic News:

image

Look at those PMIs from around the globe.  There is suspicion about the China numbers as the independent HSBC PMI continues to diverge from the “official” Chinese government version.

Quote of the Day:
Nothing is too high for a man to reach, but he must climb with care and confidence.
–Hans Christian Andersen

Featured Breadth Chart of the Day:

image

Our Zweig is still not recovering, even as we try and make a 3rd attempt to break out higher.

 

Comments and Levels for the Front ES (S&P500 – Emini futures) contract:

Short: 1697
Long:  1666

image

We sit far apart on our top and bottom calls, 1697 x 1666, 30 points!  Looking at our ATR you can see that volatility is expanding and that is not the way that new highs and follow-through rallies are made.  The market is expending energy just to hold here.

We have been looking for this last push to move up and exhaust.  We think this might actually be it after some more upside first, though.

We won’t know for sure until we break that 1672 area.  Globally, the numbers  are quite bullish with PMIs all beating expectations and numbers above 50 showing expansion.  Growth, though, is a dual-edged sword as expansion means time for more austerity and pulling back market stimulus to more reasonable levels.  

Our trenders remain divergent with our shorter term trender  already signaling a turn to bearish.  The Fat-Lady remains stubbornly bullish.  We are waiting.  In the meantime, expect more of those violent 10 point intraday moves.

 

On The MiM:

I have put in both shots today to show just how strong the orders were to get out yesterday.   98% to the sell side, 91% of the symbols were showing sell imbalances.  That is wholesale selling, but today the market is just absorbing what could be just end of the month cleaning.

image

image

Today will be another day.  I did get some great emails after the close as this was the best setup in July for the MiM by far.  There was no doubt about what the meter was saying, none of the nuance of divergent symbols, or big sellers or disappearing orders.  The numbers were bearish out of the gate and grew each 10 minute interval.  If only they were all that easy!

There have been several requests to include a chat function with the MiM.  I have been hesitant to do that as I do try and get into the MrTopStep IM Pro room each day to monitor and trade the MiM with the group in there.  Yesterday we captured most of that 12 point move as Sam Easely  had posted in the room around 3:12pm ET:

Sam_Easley (15:12:51): the bears algos are licking their chops es 94 we will see if they got their dream short of the summer

That made most of us fence watchers pull the trigger and get in what turned out  to be a great short confirmed by the MiM.   The MiM is now free with an IM Pro membership, so if you want to be with a group of excellent traders and trade using the MiM, that is one option.   If you haven’t taken a free trial of that service you can do so at http://mrtopstep.com/free (the free trial doesn’t have direct access to the MiM, but you can follow the trades).

I also want to make sure that we separate my trading and blogging from the service itself.  The MiM is data.  It is not a trading system.  It is very unique data.  Data not available anywhere else.  I think it is valuable data.

You as a trader have to decide for yourself if it is worth the Monthly cost.  Certainly yesterday paid.   I write my blog and share those snapshots as glimpses of how I am approaching, as a trader, trading this data.  I have only seen this data since May and I still have my learners permit.   

Those best trades snapshots are not  indicating what I am taking out of the market everyday, they are benchmarks of what I could have done.  Trading is messy, but if you don’t have a benchmark to watch and trade against, how do you know how you are doing?  I believe in going to the batting cages every day, our minds are much greater integrators of information than computers but you have to feed them good data.

Bring on August.

 

Comments about TLT (Twenty year Bond ETF):  

image

Last week we sang “I see the bad TLT rising” and here it goes.  It played with the 119.20 area for a while, we think it could be in trouble for a while here as far as upside, but would like to see the 120s soon in order to put on some downside pressure to aid the bears.

>>> Follow us @redliontrader<<<<<

 

Breadth Charts in Full :

Zweig Breadth Thrust:

image

Looking to go above 50 today.


Cumulative Volume Index:

image

Negative volume continues

 


Number of NYSE issues trading ABOVE their 40 day moving average (40DPI):

image

Still Weak 


New Highs / New Lows ratio chart :

image

Watching to see if we can get it higher


Trenders :

Short Term Trender –  McClellan Summation Index:

image

We have the chart continuing bearish:


Long Term Trender –  Cumulative 4-week Highs – Lows (the fat lady):
image

Still Bullish

Thank you for Reading –
Marlin aka RedlionTrader @redliontrader

 

DISCLAIMER: The information and data in the following report(s) were obtained from sources considered reliable. Opinions, market data, and recommendations are subject to change at any time. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any commodities or securities. RedlionTrader.com, its  officers, directors and its contributors may in the normal course of business, have position(s), which may or may not agree with the opinions expressed in this report. RedlionTrader.com, its officers, and directors are not agents, representatives, or affiliates of the CME Group or any trading entity. Trading Futures, Options, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. Any decision to purchase or sell as a result of the opinions expressed in these report(s) will be the full responsibility of the person(s) authorizing such transaction(s). BE ADVISED TO ALWAYS USE PROTECTIVE STOP LOSSES AND ALLOW FOR SLIPPAGE TO MANAGE YOUR TRADE(S) AS AN INVESTOR COULD LOSE ALL OR MORE THAN THEIR INITIAL INVESTMENT. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

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