Morning links:

• Today’s Economic Calendar
• Overnight Market Updates
• Today’s Earnings Announcements

Around the Globe

Europe as of 7:13am EDT

• DAX (Germany) -0.02%
• FTSE (UK) -0.38%

Today’s Economic News:

Decent numbers out of Europe overnight.  A stack of numbers for the US.  Watch the NY Empire at 8:30am and then the Michigan numbers at 9:55am ET.  

Quote of the Day:
A good composer does not imitate; he steals.
–Igor Stravinsky

Current Breadth Readings: (click here to see all our breadth charts)

This is the New High / New Low ratio chart and it continues to move sideways, note how the markets trended last time we did the same thing, all the way through January.

ES SP500 Futures Comments:

Short: 1561
Long:  1537

We hit the 1557 head and shoulders target and that has us moving up our top box by just inches.  We don’t see a thrust up through here but instead a spot that should exhaust and take a step back for an attempt at new highs.   We think that step back could take us to the 1537 area, but we are not sure of which inch is going to be an inch too far yet.

Today is the last day of OPEX week, it will spill a bit into Monday morning’s trading.  Until we see a crack one way or another we need to think higher on low volatility. Our intraday ticks look great and our A/D line on the NYSE yesterday was nearly 2:1.  That is bullish.

Take today off, or come back and watch the close.. Action will most likely have to wait until next week.

Enjoy the weekend.

US Dollar DX Futures Comments:

A decent selloff in the Dx overnight … we haven’t had time this AM to evaluate, but there could be some fuel here for higher stock prices.

TLT Twenty Year Bond ETF Comments:

We will start covering this again next week.

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