Quote of the Day
Thursday, April 26, 2012
April 26, 2012 --
I thought this was a good time to review some -- American Campaign Slogans -- You think today's politics are nasty? Check out the year1884
1844 "54-40 or fight." James K. Polk
1844 "Who is James K. Polk?" Henry Clay
1856 "Free soil, free labor, free speech, free men, and Fremont." John Fremont
1860 "Vote yourself a farm." Abraham Lincoln
1864 "Don't swap horses in the middle of the stream." Abraham Lincoln
1884 "Blaine, the Continental liar from the state of Maine." Grover Cleveland
1884 "Ma, ma, where is my pa, gone to the White House, ha ha ha." James Blaine (Cleveland was accused of having a baby boy with another woman).
1998 "A full dinner pail." William McKinley
1916 "He kept us out of war." Woodrow Wilson
1924 "Keep cool with Coolidge." Calvin Coolidge
1928 "A chicken in every pot and a car in every garage." Herbert Hoover
1952 "I like Ike." Dwight Eisenhower
1963 "In your heart you know he's right." Barry Goldwater
1980 "Are you better off than you were four years ago?" Ronald Reagan
1984 "It's morning again in America." Reagan
1988 "Kinder, Gentler Nation." George H.W.Bush
1922 "Putting People First." Bill Clinton
2004 "Yes, America can." John Kerry
Am I being tested? I have a little four-wheel battery-run scooter. Two days ago while on an outing I dumped the little scooter taking a sharp turn to the left, and pulled a muscle in my left groin. That made it too painful to walk. And this just as I was doing so well with my walking after breaking my hip. Is God testing me or something -- What am I supposed to be learning from all these "accidents"? But today I fee a bitl better, and can walk again. Thank God!
Turning to Dec gold, it's down 10 cents, and while it's had every chance to break down, it holds stubbornly above 1600. The stubborn lag in the gold mining shares has discouraged a lot of former gold bugs, an attitude that I can sympathize with.
The daily chart of gold doesn't tell us much, nor does it give us anything to cheer about. The support comes in at 1640, but gold is trading below both of its moving averages. I don't see gold as a potential profit-making speculation, but simply as an insurance policy in case something goes wrong in the land of the fiat currencies.
In the meantime, Apple and Google rule the Wall Street roost.
Aw! More bad news. A drunk driver ran his car over my front lawn. He jumped out of the car, and ran down to the beach. My guess is that the car was stolen and the driver has no insurance. Am I being tested by the powers above?
"I will overcome these difficulties." As per metaphysics and Emmet Fox.
Another powerful day. The Dow closing aver 100 points, and heading for its April high. By the way, Lowry's spread between Selling Pressure and Buying Power has shrunk to 121, which is clearly bullish improvement. At this rate, Buying Power should be dominant within a month, and this would constitute a strong buy signal. Below on the chart, MACD appears ready to give a buy signal.
Divergence -- Dow up sharply today but Transports down over 50 points.Very strange and suspicious action, at least from a Dow Theory standpoint.
TODAY'S MARKET ACTION:
My PTI was up 6 at 6395. The moving average at 6371, so my PTI is bullish by 24.
The Dow was up 113.90 to 13204.62.
Transports were down 55.90 to 5235.32.
Utilities were up 3.15 to 468.01.
NASDAQ was up 20.98 to 3050.61.
S&P 500 was up 9.29 to 1399.98.
There were 2060 advances and 968 declines on the NYSE.
There were 170 new highs and 15 new lows.
Total Volume on the NYSE and associated exchanges was 3.88 billion.
Bonds: Yield on the 10 year T-note was 1.947. Yield on the long T-bond was 3.123. Yield of the 91 day T-bill was 0.091%.
Dollar Index was down 0.082 at 78.93. Euro was up 0.09 at 132.41. Yen was up 0.56 at 123.59. Currency Prices as of 1 PM Pacific Time.
June gold was up 18.20 to 1660.50. May silver was up 0.851 to 31.21.
June light crude was up 0.43 to 104.55.
My Most Active Stocks Index was up 3 at 294.
The Big Money Breadth Index was up 2 at 1028.
GDX was at 46.86.
HUI was at 448.56.
CRB Commodity Index was up 01.20 at 303.28.
The VIX down 0.58 at 16.24.
Permanent Portfolio Fund (PRPFX) was up 0.15 to 48.30 (previous day closing). YTD Return: 4.79%.
Late Notes -- The Dow weakened near the close. It didn't like the Transport action.
The retail public has been sold on the idea of buying the best AAA+ Dow stocks, buy "em for the rising dividends. I don't like that thinking -- too obvious.
The madness twins: Apple down a touch and Google up 7.
December gold up 18 to 1667. Will December gold ever get over 1700 again? I think it will.