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Quote of the Day

Friday, February 03, 2012

February 3, 2012 -- Did you know that the original version of the Lord's prayer talks about DEBT. This is the original King James version based on the King James Bible.

Our father which art in heaven,

Hallowed be they name,

Thy kingdom come, Thy will be done

In earth, as it is in heaven,

Give us this day our daily bread

And forgive us our debts, as we forgive our debtors.

And lead us not into temptation, but

deliver us from evil; For thine is the kingdom, and the power

And the glory, for ever, Amen.

 

The stock continues to push up on light volume. It is notable that volume increases when stocks decline. Distribution days (indicative of days of institutional selling) are days when the market declines on higher volume than that of the previous day. Over the last two weeks, there were three distribution days for the S&P 500, two for the NYSE Composite, and one for the NASDAQ.

 

The Dow has now rallied over both its April and July highs, but the Transports have not confirmed.

 

The 50-Day MA of the Dow is above the 200 day MA, and the Dow is above both. Thus the secondary trend of the Dow is bullish. However, because of the following considerations, I have elected to stay out of this rally.

 

Late Notes -- The Dow continues to climb, and that's bullish, but the following bother me:

 

1 -- the Transports have not confirmed.

 

2 -- too many Distribution days.

 

3 -- Lowry's Selling Pressure Index still dominates their Buying Power Index.

 

TODAY'S MARKET ACTION:

 

My PTI was up 6 at 6372. The moving average at 6331, so my PTI is bullish by 41.

 

The Dow was up 156.82 to 12862.23.

 Transports were up 63.27 to 5368.93.

 

Utilities were up 1.52 to 451.36.

 

NASDAQ was up 45.98 to 2905.66.

 

S&P 500 was up 19.36 to 1344.90.

 

There were 2387 advances and 654 declines on the NYSE.

 

There were 301 new highs and 5 new lows.

March crude was up 1.38 to 97.74.

 

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

 

Bonds: Yield on the 10 year T-note was 1.93. Yield on the long T-bond was 3.13 Yield of the 91 day T-bill was 0.081%.

 

Dollar Index was down 0.02 at 78.96. Euro was up 0.11 at 131.54. Yen was down 0.70 at 130.64. Currency Prices as of 1 PM Pacific Time.

February gold was down 19.00 to 1740.30. February silver was up 0.42 to 33.74.

 

My Most Active Stocks Index was up 13 at 300.

 

The Big Money Breadth Index was up 8 at 982.

 

GDX was down 1.03 at 56.44.

 

HUI was down 9.79 to 541.44.

 

CRB Commodity Index was up 3.32 at 314.22.

 

The VIX was down 0.87 to 17.11.

Permanent Portfolio Fund (PRPFX) was up 0.16 at 49.20 (previous day closing). YTD Return: 6.75%.