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Quote of the Day

Friday, April 20, 2012

April 20, 2012 -- "Our ideals of freedom set forth and realized in our Constitution are our greatest export to the world." Robert Byrd, US Senator

 

While the US markets aren’t doing much, this might be a good time to look at some other important markets.

 

The first chart is Brazil, the growing giant from S. America that seems to have it all -- water, crops, minerals, oil, beautiful women in bikinis, gold, beef, pork, a lot of cosmetic surgery and well, you name it.

 

Despite all these goodies, the Brazilian stock market is not doing that well. Their stock average is well below its 50 day MA and has just dropped below its 200-day MA. But RSI is close to oversold.

 

 

 

 

 

 

Below we see China's 25 stock index. A big break in March, and then a weak recovery taking their index back above the 50-day MA. Volume surged during the April break, but then subsided during the weak recovery.

 

 

 

 

Russia looks a lot like China, except that after the April slump there hasn't been much of a recovery. The Russian ETF remains below its two moving averages.

 

 

 

 

 

We hear a lot about those "hot" emerging markets. They are supposed to be a way of beating the Dow. Well here's a look at the emerging markets and they've simply floated lower since March. I'm not tempted to buy them. I guess I scare too easily.

 

 

 

 

TODAY'S MARKET ACTION:

 

My PTI was up 4 at 6386. The moving average at 6370, so my PTI is bullish by 16.

 

The Dow was up 65.16 to 13029.26.

 

Transports were up 5.53 to 5234.25.

 

Utilities were up 4.24 to 460.75.

 

NASDAQ was down 7.11 to 3000.45.

 

S&P 500 was up 1.61 to 1378.53

 

There were 2004 advances and 1054 declines on the NYSE.

 

There were 123 new highs and 30 new lows.

 

Total Volume on the NYSE and associated exchanges was 3.8 billion.

 

Bonds: Yield on the 10 year T-note was 1.962. Yield on the long T-bond was 3.118. Yield of the 91 day T-bill was 0.076%.

 

Dollar Index was down 0.37 at 79.18. Euro was up 0.83 at 132.19. Yen was down 0.20 at 122.63. Currency Prices as of 1 PM Pacific Time.

June gold was up 1.40 to 1642.80. May silver was down 0.12 to 31.65.

 

June light crude was up 1.16 to 103.88.

 

My Most Active Stocks Index was down 9 at 290.

 

The Big Money Breadth Index was up 2 at 1026.

 

CRB Commodity Index was up 1.90 at 301.20.

 

The VIX down 0.92 at 17.44.

 

Permanent Portfolio Fund (PRPFX) was up 0.02 to 48.25 (previous day closing). YTD Return: 4.69%.

 

Late Notes -- The Dow put on a good show today, but my PTI is still below its high.

 

As for Dec. gold, it seems to be glued just above 1600. One of these days, it's going to change.

 

Apple and Google rule the roost.