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Quote of the Day

Friday, January 06, 2012

January 6, 2012-- The Dow continues to drift sluggishly, today to the downside. I consider all this action to be a part of the construction of a top. We see a lot of churning with downside volume slightly ahead of upside volume. Today, downside volume was again ahead of upside volume, a sure indication of distribution!

 

Meanwhile gold climbs into the 1600 range and so far has been holding. So far, so good.

 

Have a happy and stimulating weekend.

 

Best from this learning-to-walk editor, Russell

 

TODAY'S MARKET ACTION:

 

My PTI was down 4 at 6337. The moving average at 6315, so my PTI is bullish by 22.

 

The Dow was down 55.78 to 12359.92.

 Transports were down 2.19 to 5069.03.

 

Utilities were down 2.68 to 451.20.

 

NASDAQ was up 4.36 to 2672.22.

 

S&P 500 was down 3.25 to 1277.81.

 

February crude was down 0.04 to 101.77.

 

Total Volume on the NYSE and associated exchanges was 3.5 bn.

 

There were 1397 advances and 1626 declines on the NYSE.

 

There were 95 new highs and 13 new lows.

The Big Money Breadth Index was down 4 at 969.

 

Bonds: Yield on the 10 year T-note was 1.95. Yield on the long T-bond was 3.01. Yield of the 91 day T-bill was 0.02%.

 

Dollar Index was up 0.76 at 80.89. Euro was down 1.52 at 127.92. Yen was down 0.73 at 129.70. Currency Prices as of 1 PM Pacific Time.

February gold was down 3.30 to 1616.80. February silver was down 0.61 to 28.68.

 

My Most Active Stocks Index was down 9 at 227.

 

GDX was down 0.55 at 53.35.

 

HUI was down 4.98 to 517.65.

 

CRB Commodity Index was up 0.94 at 309.48.

 

The VIX was down 0.85 to 20.63.

Permanent Portfolio Fund (PRPFX) was up 0.02 at 46.77 (previous day closing). YTD Return: 1.48%.