As blue as a boy can be $ES_F 1854

Marlin Cobb
January 21, 2014

Featured Breadth Chart of the Day:

image thumb1 thumb As blue as a boy can be $ES F 1854
image thumb1 thumb As blue as a boy can be $ES F 1854

Zweig is still suffering directionally, very indecisive.  These indecisive movements usually end lower.  Let’s see.

Economic News:

image thumb3 thumb As blue as a boy can be $ES F 1854
image thumb3 thumb As blue as a boy can be $ES F 1854

Decent news from Europe and really not much from the US.  Some short-term bill auctions to keep our eyes on.

Quote of the Day:
The thing I hate about an argument is that it always interrupts a good discussion.
–G.K. Chesterton

Comments and Levels for the Front (S&P 500 – Emini futures) contract:

Short: 1848
Long: 1826

image thumb4 thumb As blue as a boy can be $ES F 1854
image thumb4 thumb As blue as a boy can be $ES F 1854

We have 1848 in the headlights for today.  We will look for a reversal there but if we stay strong and new shorts are forced to cover higher,  we have 1855 as the eventual next higher landing pad.

This inability to move higher and that choppy Zweig discussed above, have us also looking lower for  1826 today.  Should that break we look toward 1810 and then, well then, we will be in corrective mode.

On the MiM:

image thumb5 thumb As blue as a boy can be $ES F 1854
image thumb5 thumb As blue as a boy can be $ES F 1854

The case of the strangely appearing buying MiM.  Friday’s close saw a surge of buying just before the close.  That has kept the market higher here for Tuesday’s opening.

We are looking for a closing imbalance trend for January and like our Zweig,  we have not found that yet.

We are just a week away from another MrTopStep boot camp, a unique opportunity to spend an immersive period learning how the IM Pro room trades.  There are still some seats open and you will get direct access to me and trading the MiM.  Click on boot camp to signup.

If you have streaming issues, please let me know:  info@mrtopstep.com

Date Of Signal Direction x:00 Entry/Close x:20 Entry/Close x:30 Entry/Close
1/6/2013 Short 3.23 5.31 4.71
1/10/2013* Short 1.58 -0.26 -0.67
1/13/2013 Short 2.65 0.63 -0.10
1/16/2013 Long -1.41 0.24 0.38
Total 6.05 5.92 3.32

* – NFP Day before and day of.
** – New Year’s Eve / End Of Year

If you want to join the meter readers you can go to: Join the MiM

MiMlogo 1501 As blue as a boy can be $ES F 1854
MiMlogo 1501 As blue as a boy can be $ES F 1854

Comments about TLT (Twenty year Bond ETF):

image thumb6 thumb As blue as a boy can be $ES F 1854
image thumb6 thumb As blue as a boy can be $ES F 1854

Here we are at 105.50 and looking to short with a target to 103.25. 

>>> You can follow me on Twitter  @redliontrader <<<<<

Breadth Charts in Full:

Zweig Breadth Thrust

image thumb7 thumb As blue as a boy can be $ES F 1854
image thumb7 thumb As blue as a boy can be $ES F 1854

Market has found a little gap up this AM.  Let’s see if the bulls can advance it today.

 

Cumulative Volume Index:

image thumb10 thumb As blue as a boy can be $ES F 1854
image thumb10 thumb As blue as a boy can be $ES F 1854

All about the open today.

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

image thumb11 thumb As blue as a boy can be $ES F 1854
image thumb11 thumb As blue as a boy can be $ES F 1854

Match.

New Highs / New Lows ratio chart:

image thumb12 thumb As blue as a boy can be $ES F 1854
image thumb12 thumb As blue as a boy can be $ES F 1854

Bulls gotta knock the balloon back up to the 90s.

Trenders

Short Term Trender -  McClellan Summation Index:

image thumb14 thumb As blue as a boy can be $ES F 1854
image thumb14 thumb As blue as a boy can be $ES F 1854

Bullish.

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

image thumb15 thumb As blue as a boy can be $ES F 1854
image thumb15 thumb As blue as a boy can be $ES F 1854

Bullish.

Parting Shot: 

image thumb thumb As blue as a boy can be $ES F 1854
image thumb thumb As blue as a boy can be $ES F 1854

I put on my Blue Suede Shoes over the weekend and enjoyed a terrific Christmas present from my wife, a Marc Cohn show.  For those that don’t know Marc, he and I are best friends now but let’s not embarrass him by asking him that, his most famous song is “Walking in Memphis” but this piano-playing singer-songwriter (not too shabby with a guitar either) has a whole series of great songs and put on a terrific show.

I am always amazed and a lot envious of those that can play or have real talent. The world is full of great people and every time I get to share in their time and space I feel truly amazed.  It reminds me that these are the moments that define our reason for living and working hard, to enjoy the gifts of others. 

Thank you Laura and Marc.

Thank you for Reading -
Marlin aka RedlionTrader @redliontrader

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