Hump Day, Mid-Afternoon

Mr Market has turned decidedly soft this afternoon, after trading flat to slightly down most of the morning.  Our Momentum Change indicators are again moving from neutral back into Sell territory.. as I have been stating, I will wait until the indicators signal either a Sell confirmation or a new Buy signal before entering new trades.

I was reading David Rosenberg this morning, and I thought his comments were of particular interest, as he spends some time on both the "Positive" and the "Negative" aspects of the economic outlook.  Here is the link to his "Breakfast with Dave" newsletter.. it is free and I think it maybe the best free economic report available.  If you can't open the link, go to Gluskin Sheff and and enter your data to receive the morning report.  His morning report is the best 5 minute read of the day.

There is an interesting post at Zerohedge this afternoon re: the 10 Year Note Auction.  It seems the auction closed at 3.67%, the highest since last April, 2010.  The big news here is that the Direct Bids came in at virtually none, while Indirects came in at 71%.  It is normally suspected the Indirects are foreign Central Banks.....and this share of an auction subscribed by the Indirects is unheard of.  (sorry for the dangling participle).  As an aside, the last time a 10 Year Note Auction closed at 3.67%, the market promptly took a dive.

Best To Your Trading!

Bill