Today’s Economic News:
Nice numbers out of China, a full boat. That should help with the US markets today where there really isn’t much news going on. Watch Dudley from the FED going into the close. Investors will be looking for taper clues.
Quote of the Day:
Sincerity is the highest compliment you can pay.
–Ralph Waldo Emerson
Featured Breadth Chart of the Day:
We are in elite space on the HN/HL indicator. We don’t want it to stay up here too long, it is over exuberance that will have to be sold off. We want a nice low volatility run if we are long term bullish.
Comments and Levels for the Front ES (S&P500 – Emini futures) contract:
Nice strong move. We don’t want to second guess that move. Our upside targets are now 1740 and 1755 with a possible retrace down to 1721. The 1727 area is a decent hold area if this bull is uber strong. A break of 1721 with volume would be unnerving.
For now the rain has gone. The only thing we are concerned about is too much buying that will lead to a sharp reversal correction to shake off.
On the MiM:
These are the days we pay the MiM for. A clear buy signal that gave me confidence to join the trend into the close. It gave us the backbone to go long and strong and we did and it gave us 3 pts. on the spectacular close. Solid green for the entire last hour.
If you want to join the meter readers you can go to: Join the MiM
Comments about TLT (Twenty year Bond ETF):
We had a sub 100 prediction for TLT by the end of the year. That is looking a bit doubtful if we can’t get this to turn around. We need to see signs on the economic data that tapering can start and that the economy isn’t damaged from the shenanigans of the US government and that it is instead ready to stand on its own.
We like 107.40 short here down to 106.50. If we are wrong about that, the next upside is 108.25.
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Breadth Charts in Full :
Zweig Breadth Thrust:
Watching for 61.5.
Cumulative Volume Index:
Number of NYSE issues trading ABOVE their 40 day moving average (40DPI):
There is that breadth that had us a bit concerned yesterday. It looks like real money is being placed for the end of the year now.
New Highs / New Lows ratio chart :
We know the drill here… keep it around the 90’s, bulls.
Short Term Trender – McClellan Summation Index:
Thank you for Reading –
Marlin aka RedlionTrader @redliontrader
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