Featured Breadth Chart of the Day:
Warning bears… The NHs/NLs have once again regained control of the 90s and our trenders teased us with bearish sentiment but have whipped back around for the bull.
2nd day of bullish control over new highs. We wanted 150 we got 174. We want to see 200 today.
Quote of the Day:
Give a man a fire and he’s warm for a day, but set fire to him and he’s warm for the rest of his life.
Comments and Levels for the Front (S&P 500 – E-mini futures) contract:
Destination 1881 was hit overnight, so now we watch for 1868 to contain the dreams of the bulls to have a higher April. Our upside target is 1886 for today. We would expect consolidation and some testing to see if the ground we are standing on is firm enough to go higher. Don’t forget that in March all the gains for the month were made in the first week. We have had a 2%+ move over the last week. That is going to need some digestion. Watch the NHs/NLs chart to make sure we are eagerly buying on the highs.
On the MiM:
First day of April in the books but no really strong signal. It was a positive end to a positive day.
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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.
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Total Recall as the markets soar to new highs $ES F 1886 x 1868
Comments about TLT (Twenty year Bond ETF):
We want lower still.
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Breadth Charts in Full: Zweig Breadth Thrust
Reaching up. Just another 2:1 day and we should get oversold. A reading greater than 61.25 in a very nice thrust.
Cumulative Volume Index:
Number of NYSE issues trading ABOVE their 40 day moving average (40DPI):
Yesterday it was the Nasdaq 100 that lead the way with an A/D line of 11:1. Our NYSE has put in another 2:1 day. If we keep accumulating those our Zweig chart will soon be above 60 in the oversold arena.
New Highs / New Lows ratio chart:
Bulls own the 90s.
Trenders Short Term Trender - McClellan Summation Index:
Long Term Trender - Cumulative 4-week Highs – Lows (the fat lady):
Bullish! We are up and above again and looking for new highs.
First on the rant side: I hate it when they remake movies that I still think of as recent releases. Is it me or is the span of time between the original and the cover getting closer and closer?
What I really want to write about is the new fad over vehicle recalls. Everyone is doing it now. After the disturbing GM revelations we now have Chrysler trying to jump the headlines by recalling 800,000 SUVs. Something about corroding brake boosters. Who needs them anyway when you are driving the largest vehicle on the road?
You can bet that every major auto manufacturer is combing through their engineering archives and any “on the fence” decisions will tilt in the favor of a recall. We won’t judge you as bad designers, we understand, cars operate at very high temperatures and in incredibly harsh environments. They have thousands of pieces all of which have to work to keep us moving and safe.
But GM, seriously, come on, you knew the ignition switch was too wimpy to keep those Hello Kitty key chains loaded with those little loyalty cards from CVS and the id card for our health club from accidently rotating the tumbler from the on to off position. In fact, you knew about it years ago and asked the manufacturer to fix it, and they did. You just didn’t think it necessary to tell the rest of us that we could suddenly lose all power, hit something and not have any safety features. Bad move.
Expect recalls to become headlines over the next few months as all the other manufactures air out their engineering closets. Expect GM to pay heavily for their negligence. Expect some lawyers to get rich(er).
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Thank you for Reading – Marlin aka RedlionTrader @redliontrader
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