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Quote of the Day

Wednesday, February 15, 2012

February 15, 2012-- The worst kind of market is a market that goes down on good news. As I write, optimism is in the air, and the Dow is down 95 points. Dow 10,000 continues to be the great psychological barrier and my work suggests that that Dow 10,000 will be tested in the next few months. Therefore the operative word is caution. Keep the word caution in you conscious unconscious mind.

 

Meanwhile gold holds valiantly in the 1700s. Something big is in the wind, and the stock market senses it.

 

TODAY'S MARKET ACTION:

 

My PTI was down 7 at 6370. The moving average at 6338, so my PTI is bullish by 32.

 

The Dow was down 97.33 to 12780.95.

 Transports were down 105.97 to 5178.15.

 

Utilities were down 2.41 to 447.91.

 

NASDAQ was down 16.00 to 2915.83.

 

S&P 500 was down 7.27 to 1343.23.

 

There were 1296 advances and 1741 declines on the NYSE.

 

There were 159 new highs and 2 new lows.

March light crude was up 1.06 to 101.80.

 

Total Volume on the NYSE and associated exchanges was 4.0 bn.

 

Bonds: Yield on the 10 year T-note was 1.93. Yield on the long T-bond was 3.09 Yield of the 91 day T-bill was 0.11%.

 

Dollar Index was up 0.38 at 79.61. Euro was down 0.31 at 130.63. Yen was down 0.01 at 127.45. Currency Prices as of 1 PM Pacific Time.

April gold was up 10.40 to 1728.10. March silver was up 0.06 to 33.40.

 

My Most Active Stocks Index was down 9 at 283.

 

The Big Money Breadth Index was down 4 at 992.

 

GDX was down 0.21 at 53.56.

 

HUI was down 1.73 to 513.50.

 

CRB Commodity Index was up 1.00 at 314.95.

 

The VIX was up 1.60 to 21.14.

Permanent Portfolio Fund (PRPFX) was down 0.16 at 48.95 (previous day closing). YTD Return: 6.21%.