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Home Commentary

Yo ho Yo ho a pirate’s life for me. Arrrrgh $ES_F 1668

Marlin Cobb by Marlin Cobb
Thursday, August 15, 2013
in Commentary, S&P 500
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Yo ho Yo ho a pirate’s life for me. Arrrrgh $ES_F 1668
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Today’s Economic News:

image

UK UK UK!  Perfect 4 out of 4 on the retail numbers.  The news seems stacked for the USA today as we get Philly Fed, NY Empire, Industrial Production, Capacity Utilization… a lot.

Quote of the Day:
Pessimist: One who, when he has the choice of two evils, chooses both.
–Oscar Fingall O’Flahertie Wills Wilde

Featured Breadth Chart of the Day:

image

Zweig’s away… Bears need to crack some really strong strategic levels here in order to open the flood gate.  So far, just a gentle roll to this point.

 

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

Short: 1686
Long:  1668

image

There are obvious levels here, like 1675, for the bulls to hold and for the bears to break.  Very good economic news continues to pour in from Europe and today we will get our own glimpse of economic recovery.

We still think think the market needs to do a little stewing before believing and going to the next level up.   We have lowered our lower target zone to 1668 knowing that 1671, the 2% pullback area, will be tough.

We have not seen any wholesale selling yet and the MiM for the close has just really been stagnant for the last few days. There is no committal either way up or down so we find ourselves drifting toward the down end looking to pick up some possible momentum on velocity in order to truly establish a trend.  In other words, the Pirates are waiting for the signal to plunder.

 

On the MiM:

image

Just no volume on the MiM.   What we are hearing is that the market really isn’t believing in a direction here.  The best trade yesterday, despite a slightly bias buy side market, was to the downside at the 3:20pm ET entry that I like. 

If you want to join the meter readers you can go to: http://closingimbalance.com

 

Comments about TLT (Twenty year Bond ETF):

image

TLT thinking twice here at that 104.90 area, unable to reach that 108.  This is sit and wait time for the TLT. 

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

 

Breadth Charts in Full :

Zweig Breadth Thrust:

image

Getting weaker, but it needs to pick up momentum and that might not be able to happen with such great numbers out of Europe.


Cumulative Volume Index:

image

Upside volume has stalled out.

 


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

image

Resuming downside.


New Highs / New Lows ratio chart :

image

2nd time to the bounce zone for the New Highs/New Lows.


Trenders :

Short Term Trender –  McClellan Summation Index:

image

Bearish.


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

Bearish.

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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