Click Here to Subscribe Now! Try a 3-month trial for only $68

Quote of the Day

Thursday, February 16, 2012

February 16, 2012 --

 

TODAY'S MARKET ACTION:

 

My PTI was up 6 at 6376. The moving average at 6339, so my PTI is bullish by 37.

 

The Dow was up 123.13 to 12904.08.

 Transports were up 84.95 to 5263.10.

 

Utilities were up 4.73 to 452.64.

 

NASDAQ was up 44.02 to 2959.85.

 

S&P 500 was up 14.82 to 1358.05.

 

There were 2308 advances and 780 declines on the NYSE.

 

There were 128 new highs and 4 new lows.

March light crude was up 0.51 to 102.31.

 

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

 

Bonds: Yield on the 10 year T-note was 1.98. Yield on the long T-bond was 3.14 Yield of the 91 day T-bill was 0.10%.

 

Dollar Index was down 0.32 at 79.34. Euro was up 0.41 at 131.41. Yen was down 0.70 at 126.75. Currency Prices as of 1 PM Pacific Time.

April gold was up 0.30 to 1728.40. March silver was down 0.03 to 33.37.

 

My Most Active Stocks Index was up 11 at 294.

 

The Big Money Breadth Index was up 10 at 1002.

 

GDX was up 1.39 at 54.95.

 

HUI was up 12.81 to 526.31.

 

CRB Commodity Index was up 1.46 at 316.41.

 

The VIX was down 1.92 to 19.22.

Permanent Portfolio Fund (PRPFX) was down 0.01 at 48.94 (previous day closing). YTD Return: 6.21%.

 

 

Late Notes-- Finally some upside momentum. The Dow closed at its tippy-top high. The urge to sell has disappeared, now we have buyers galore. Based on today's action the Dow has obviously moved northward out of its "line." Not that it matters, but behind today's powerful action is the fact that the economy is slow and that QE3 or a reasonable substitute will be put in. As a result, as has been the case for the last two years, the Dow is moving up due to massive money infusions and near zero interest rate. How high this inflationary edifice will build cannot be known. When you blow up a balloon you can never know how far it will inflate before it bursts. "How far?" is a question we must deal with now. The higher the edifice, the greater the risk.

 

My mistake, I always thought my PTI was smarter than I was but this time I made of mistake and thinking I was smarter than my PTI. My PTI has been going up steadily for weeks and I should have advised that my subscribers be in the DIAmonds. My apologies for my arrogance. It won't happen again.

 

Note-- My wife Faye to whom I've been married for 26 years and I have parted. After almost three decades of being a married man I am single again. Any beautiful young ladies want me?