Good morning.
I had some technical problems with Stockfinder and was unable to generate the breadth charts over the weekend. I am thinking of moving them over to TradeStation and getting rid of the Stockfinder all together as they are slow at generating charts.
For today, Asia put in a decent night. Nikkei was up another 1.1% and was matched by the ShangHai. Hong Kong’s Hang Sei was up 0.35%.
Europe is a little red this morning with the FTSE down 0.28% and the DAX down just a little at 0.28%. For news overnight the German trade balance was positive in favor of Germany, the Investor Confidence survey for Europe came in stronger than expected but the production month over month number for Germany was a surprise, coming in lower at -0.8% when an increase of 0.4% was expected. That has kept the market subdued.
In the US this morning there are no economic numbers scheduled to be released. The futures are down in line with Europe around 0.3%. The bulls find themselves a little back from the starting line.
Quote of the day:
The trouble with being punctual is that nobody's there to appreciate it. - Franklin P. Jones
| Chart | Score | Day-1 | Change |
| 40 DPI | - | +4 | - |
| 52 WNH | +0 | +6 | -6 |
| 10 DHL | -- | +6 | - |
| Total |
| +16 | +- |
As mentioned the breadth data is lacking this morning I hope to have something back by tomorrow.
$SPY chart:
Friday was a consolidation day from the previous 3% up day which was expected. The bull line moves to 122.92 and I have moved the bear line up to 121.15 just to encourage the bears. The real bear line is down around 118.25, but the bears have not had a score in a long time now.
On Friday the market found a double bottom at 122.20 so watch that today on the downside. On the upside I don’t have much as we are in rarefied space now with our two year high. The last time we were here was 9/2/2008. We need to redraw support and resistance lines as they become apparent.
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