Featured Breadth Chart of the Day:
Our New Highs / New Lows (NH/NL) is back into the mid-80s. We did 117 new highs yesterday on the NYSE. We will want to see that eclipsed today if we want to stay positive.
Quote of the Day:
Imagination is everything. It is the preview of life’s coming attractions.
Comments and Levels for the Front (S&P 500 – E-mini futures) contract:
We are trapped in between 1854 x 1846 so we want to watch for breakouts either way. If we break below 1846, and we are testing that as I write, look for a buy around 1843. On the top side, look for a short around 1854. If any of those materialize and we begin to really reverse, you could have a nice directional ride for a few days.
On the MiM:
Marginal Mach madness continues as we started out early with a decent buy signal setting up, by the time we approached the 2nd buying area for me (3:20PM) that signal was gone. I entered in around 3pm and took a small profit when we lost the signal real-time.
For our tracking chart we have another partial trade.
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|Date Of Signal||Direction||x:00 Entry/Close||x:20 Entry/Close||x:30 Entry/Close|
- xx:20pm exit as the signal went away.
If you want to join the meter readers you can go to: Join the MiM
Racking In The Dough And Watching For $ES 1857; Putin Speaks
Comments about TLT (Twenty year Bond ETF):
We are going to be ok short here. We need a Kumbaya moment in the world and a stock market that rallies higher to force out the weak bond holders and make them seek the gains they are missing.
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Breadth Charts in Full: Zweig Breadth Thrust
We think we are going to bounce around in there a bit.
Cumulative Volume Index:
That trend line going all the way back from summer of last year has been a good source of telling us when we have over accumulated and over sold.
Number of NYSE issues trading ABOVE their 40 day moving average (40DPI):
New Highs / New Lows ratio chart:
Mid 80’s… can we climb back to the comfortable 90s?
Trenders Short Term Trender - McClellan Summation Index:
Long Term Trender - Cumulative 4-week Highs – Lows (the fat lady):
We have moved back to bullish on the Fat Lady. Watch for higher highs today.
Pizza, Pizza, Pizza. On Saturday my Christmas gift from Laura came due. A six hour class of pizza making in a wood fire oven. Six hours is about five and a hours hours beyond my attention span, but I have to say the class whizzed by.
Up the road about 30 minutes, through Alfred into Lyman if you take a right at the Moxie stand, you come to the Stone Turtle Baking School. It is run by Michael and Sandy Jubinsky. Michael was the public face for King Arthur flour out of Vermont for many years. If you don’t know King Arthur flour that alone is worth reading this column for. It is a great product.
Taught by his grandmother to bake at an early age, an engineer by choice and baker by desire and design, he is an incredibly talented baker, talented not just in the art of bread making (voted top 10 bread makers in 2011) but a fantastic teacher as well.
Needless to say, since Saturday we are tired of Pizza for a while. BTW, my wife and I both made a Stromboli in the class. My youngest ate some of his Mom’s after we got home and took mine back to college with him. Trying to play us, he texted each of us not to tell the other one but ours was the best. ( I know he really meant it for me).
If I have readers in the area… check out the school. Michael teaches all types of bread making, offers an intensive 2-day class in wood fire oven techniques, and has guest teachers. If you are out of the area, check out King Arthur flour.
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Thank you for Reading – Marlin aka RedlionTrader @redliontrader
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