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Quote of the Day

Thursday, January 26, 2012

January 26, 2012 -- Is it a correction in a bull market -- or is it a rally in a bear market? Nobody seems to have the definitive answer. Confession, I'm not certain as to which it is.

 

Over the last ten years the benchmark S&P 500 has done very little. Stock owners have been sitting with their stocks and twiddling their thumbs.

 

Gold closed on the last day of 2010 at a price of 1421. I'm looking at my computer, and I note that Feb. gold is now selling at 1724. This is a rise of 20% since the end of 2010. I'm satisfied -- gold is in a 12-year bull market, and I don't believe the end is in sight.

 

 

 

 

TODAY'S MARKET ACTION:

 

My PTI was down 2 at 6365. The moving average at 6326, so my PTI is bullish by 39.

 

The Dow was down 22.33 to 12734.63.

 Transports were up 20.85 to 5302.85.

 

Utilities were up 0.55 to 454.04.

 

NASDAQ was down 13.03 to 2805.28.

 

S&P 500 was down 7.60 to 1318.45.

 

March crude was up 0.41 to 99.81.

 

Total Volume on the NYSE and associated exchanges was 4.5 bn.

 

There were 1492 advances and 1543 declines on the NYSE.

 

There were 233 new highs and 6 new lows.

Bonds: Yield on the 10 year T-note was 1.94. Yield on the long T-bond was 3.09. Yield of the 91 day T-bill was 0.05%.

 

Dollar Index was down 0.01 at 79.43. Euro was up 0.23 at 131.10. Yen was up 0.52 at 129.12. Currency Prices as of 1 PM Pacific Time.

February gold was up 26.60 to 1726.70. February silver was up 0.62 to 33.74.

 

My Most Active Stocks Index was down 3 at 281.

 

The Big Money Breadth Index was down 8 at 980.

 

GDX was up 0.53 at 55.76.

 

HUI was up 4.98 to 535.78.

 

CRB Commodity Index was up 1.05 at 317.42.

 

The VIX was up 0.26 to 18.57.

Permanent Portfolio Fund (PRPFX) was up 0.47 at 48.45 (previous day closing). YTD Return: 5.12%.

 

 

Late Notes -- The character of the market is changing. Today is the third of the last four days that the Dow has been down. As for gold, it is now in the 1700s and slowly creeping higher. My choice: gold and dollars. Nothing more and nothing less.