Featured Breadth Chart of the Day:
Through the roof, Alice. Those bulls have clipped the NH/NL chart and are chattering around in the 90s. That usually means a low-volatility climb of a few points higher every few days.
Everything looking good on the inflation front in Europe. In the USA today it is also CPI, initial jobless claims and don’t forget at 10am ET, thirty minutes past the open, it is Philly Fed. That is a volatile number that can give you mid-open reaction.
Quote of the Day:
The wisdom of the wise and the experience of the ages are perpetuated by quotations.
Comments and Levels for the Front (S&P 500 – E-mini futures) contract:
We brought that high bar down just a bit and raised the low bar up to 1826 for today. We are in a bullish ascend mode and that will be verified by a touch of 1849 which leads to a move to 1854. Breadth remains quite strong since our early 2014 2% correction.
On the MiM:
It came on the back of a nice gain on the day and wasn’t able to squeeze more out for us to the upside. My early entry ended up costing me a couple of points, the later entries were definitely better.
There is a MrTopStep IM Pro boot camp starting on January 24th where for a week you can trade with the IM Pro traders, learn how the IM Pro room works and also use the MiM and trade with the team and me for a week. This is an excellent way to get a week’s pass. If you are interested, click here on Boot Camp to sign up.
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|Date Of Signal||Direction||x:00 Entry/Close||x:20 Entry/Close||x:30 Entry/Close|
* – 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
Comments about TLT (Twenty-year Bond ETF):
Interest rates continue to fall and there appears to be no fear in increased tapering. I now have 105.50 as the upside target where perhaps we should see some resistance and a trip back to the 104 area.
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Breadth Charts in Full:
Zweig Breadth Thrust
This Zweig is whipping around faster than President Clinton’s head at a Swedish women’s swim meet. Last time we had Zweig action like this it ended up breaking lower on the Zweig for a small correction:
Cumulative Volume Index:
New highs and accumulation.
Number of NYSE issues trading ABOVE their 40 day moving average (40DPI):
New Highs / New Lows ratio chart:
You know we love the 90s.
Short Term Trender - McClellan Summation Index:
Long Term Trender - Cumulative 4-week Highs – Lows (the fat lady):
I watched “The Wolf of Wall Street” last night with my adult children, my boys. They aren’t really children anymore, all in their 20s, but still I found it uncomfortable to sit through a couple of the scenes. I have felt worse at other movies, the scenes in Wolf were mostly quick cuts as you moved through a 3-hour portrayal of Jordan Belfort’s trading life. (It doesn’t help when one of your boys’ name is Jordan.)
I read the book when it first came out thinking then that this would make a good movie but it had to be made big’.. it is in its outlandishness that one sees the sadness and the pathetic. This movie is for entertainment purposes only as behind these creeps lies a wasteland of deceit and destruction. Here is a link to a letter from a daughter of one of Jordan’s brokers… just to add some balance.
Maybe Marty can make that film too?
Thank you for Reading -
Marlin aka RedlionTrader @redliontrader
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