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Quote of the Day

Wednesday, April 25, 2012

April 25, 2012 -- "Our Constitution was not written in the sands to be washed away by each wave of new judges blown in by each successive political wind." Hugo Black, Supreme Court Justice 1927-1937

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The two kings of the stock market are Apple and Google. They've been setting the tone. The first chart, Google, is breaking down. Note the surge in volume on the initial break. We now have twin tops in the 660 range. Is Google just overbought and subject to too much excitement or is it something else? Google now testing its 200-day MA. Note the bounce off the 200-day MA, which acts as an invisible support.

 

 

 

 

Note how volume has increased as Apple (below) headed higher. But at last the enthusiasm outdid itself, and mighty Apple tumbled. Yesterday Apple closed below its 50-day MA, reminding Apple fans that Wall Street is not one-way street.

 

The breakdown of these two stock leaders may slow down the upward momentum of the entire stock market.

 

Yet no sell signal yet from my PTI.

 

 

 

 

I see the Dow is opening up 89 points and Apple is opening up 54 points. Even Google is up 8 points. My PTI continues on its bullish path, having refused to break down when it could have.

 

TODAY'S MARKET ACTION:

 

My PTI was up 6 at 6389. The moving average at 6371, so my PTI is bullish by 18.

 

The Dow was up 89.16 to 13090.72.

 

Transports were up 44.49 to 5291.22.

 

Utilities were up 3.16 to 464.86.

 

NASDAQ was up 68.03 to 3029.63.

 

S&P 500 was up 18.72 to 1390.69.

 

There were 2351 advances and 707 declines on the NYSE.

 

There were 137 new highs and 14 new lows.

 

Total Volume on the NYSE and associated exchanges was 3.9 billion.

 

Bonds: Yield on the 10 year T-note was 1.992. Yield on the long T-bond was 3.153. Yield of the 91 day T-bill was 0.091%.

 

Dollar Index was down 0.16 at 79.06. Euro was up 0.39 at 132.32. Yen was down 0.09 at 123.03. Currency Prices as of 1 PM Pacific Time.

June gold was up 1.50 to 1642.30. May silver was up 0.39 to 30.35.

 

June light crude was up 0.57 to 104.12.

 

My Most Active Stocks Index was up 3 at 291.

 

The Big Money Breadth Index was up 6 at 1026.

 

CRB Commodity Index was up 0.79 at 302.08.

 

The VIX down 1.25 at 16.85.

 

Permanent Portfolio Fund (PRPFX) was up 0.18 to 48.15 (previous day closing). YTD Return: 4.47%.

 

Late Notes -- Onward and upward, nothing will stop the Dow as long as my PTI keeps rising. December gold sitting tight up 0.70 and still above 1600. The sun also rises, and it's shining today.