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Quote of the Day

Tuesday, March 13, 2012

March 13, 2012 -- "Let everyone know thee, but let no man know thee thoroughly." Ben Franklin

 

Today is the 13th of March, but at least it isn't Friday the 13th. Today is also Tuesday, which is (by my own edict) my day of rest. (I actually work on Sundays.)

 

I have a strange feeling about this stock market. Can a market be too still and motionless? As if it's waiting for something BIG to happen? Maybe, but that is the way I feel about this market. I note that Lowry's Buying Power Index and their Selling Pressure Index are now as close together as they've been in many weeks. What if they cross with Buying Power above Selling Pressure? That hasn't happened yet, but I'll notify you if it does.

 

At any rate, we know that the bullish forces are getting stronger, and the bearish forces are weakening. So far, so good, but I wouldn't put money on the bull side -- not just yet.

 

Looking over all my weaknesses, I think my worst trait is impatience. Because I'm sure impatient about this market, and I'm eager to see it do something exciting.

 

And as I've often written, "After the calm comes the storm." Wait, that has to do with volatility.

 

TODAY'S MARKET ACTION:

 

My PTI was up 6 at 6396. The moving average at 6353, so my PTI is bullish by 43.

 

The Dow was up 217.97 to 13177.68

 

Transports were up 110.22 to 5254.50.

 

Utilities were up 1.26 to 461.18.

 

NASDAQ was up 56.22 to 3039.88.

 

S&P 500 was up 24.87 to 1395.96.

 

There were 2499 advances and 594 declines on the NYSE.

 

There were 204 new highs and 8 new lows.

April light crude was down 1.06 to 106.34.

 

Total Volume on the NYSE and associated exchanges was 4.3 bn.

 

Bonds: Yield on the 10 year T-note was 2.12. Yield on the long T-bond was 3.26. Yield of the 91 day T-bill was 0.086%.

 

Dollar Index was up 0.34 at 80.23. Euro was down 0.76 at 130.73. Yen was down 0.91 at 120.65. Currency Prices as of 1 PM Pacific Time.

April gold was down 5.60 to 1694.20. May silver was up 0.16 to 33.58.

 

My Most Active Stocks Index was up 15 at 310.

 

The Big Money Breadth Index was up 10 at 1046.

 

GDX was down 0.26 at 52.11.

 

HUI was down 2.60 to 498.46.

 

CRB Commodity Index was up 2.08 at 318.07.

 

The VIX down 0.88 to 14.76.

 

Permanent Portfolio Fund (PRPFX) was down 0.16 at 48.75 (previous day closing). YTD Return: 5.77%.

 

Late Notes -- At last some action! Dow spurted over 200 points out of its nest and closed well over 13,000. Buy some diamonds on the break out because who knows, we may be going for the high -- and I'm not talking about the diamonds you buy your wife. Gold still stuck in its warm nest, I'm staying with it. The market acts like inflation and Q3. After 40 years of a monster bubble, deflation should be the answer, particularly after the bubble bursts. Meanwhile, we're still inflating.