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Quote of the Day

Wednesday, February 22, 2012

 

February 22, 2012 -- Yesterday's performance wasn't exactly a one-day reversal. The Dow sailed early into the 1300 territory, then sold off only to close UP 15 points instead of down, down would have been bearish.

 

All eyes continue to center on Greece and its efforts to stay alive. Some say its harsh promises will send Greece into recession, others say that Greece's only hope is to dropout of the EU union, return to the drachma and devalue its currency. As far as bond holders of Greek debts are concerned, they'll be lucky to receive 50 cents on the dollar.

 

The market opened shakily this morning with the Dow down 17 points and Treasuries higher. It's a question of whether Dow 13000 will be attacked over and over again or whether 13000 was a one-shot wonder.

 

April gold continues to hold above 1700, now 1771, as it stares at 1800. Mysteries, mysteries, and when will they ever get solved?

 

 TODAY'S MARKET ACTION:

 

My PTI was down 2 at 6374. The moving average at 6340, so my PTI is bullish by 34.

 

The Dow was down 27.02 to 12938.67.

 

Transports were down 38.01 to 5125.17.

 

Utilities were up 0.06 to 452.34.

 

NASDAQ was down 15.40 to 2933.17.

 

S&P 500 was down 4.55 to 1357.66.

 

There were 1192 advances and 1859 declines on the NYSE.

 

There were 102 new highs and 4 new lows.

April light crude was up 0.03 to 106.28.

 

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

 

Bonds: Yield on the 10 year T-note was 2.00. Yield on the long T-bond was 3.14. Yield of the 91 day T-bill was 0.08%.

 

Dollar Index was up 0.19 at 79.23. Euro was down 0.02 at 132.45. Yen was down 0.82 at 124.68. Currency Prices as of 1 PM Pacific Time.

April gold was up 12.80 to 1771.30. March silver was down 0.17 to 34.25.

 

My Most Active Stocks Index was down 11 at 289.

 

The Big Money Breadth Index was down 2 at 1006.

 

GDX was up 0.95 at 56.77.

 

HUI was up 9.00 to 545.79.

 

CRB Commodity Index was up 0.41 at 322.86.

 

The VIX was up 0.14 to 18.33.

 

Permanent Portfolio Fund (PRPFX) was up 0.29 at 49.37 (previous day closing). YTD Return: 7.12%.