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Quote of the Day

Friday, April 27, 2012

April 27, 2012 -- First, the good news. My PTI is still bullish. The last four PTI numbers -- 6380, 6383, 6389, 6395. More good news -- you can see it on the chart below: 72% of stocks on the NYSE are now trading above their 200-day moving averages.

 

  

 

For a much more sensitive view of the above study, below we see the percentage of NYSE stocks trading above their 50-day MAs. And here the directional improvement is much more obvious. In other words, the direction is UP as more and more NYSE stocks are trading ABOVE their 50-day moving averages. MACD and RSI are just starting to turn up.

 

 

 

 

Who ever started this game of quarterly earnings beating the phony "estimates" of earnings? It gives the drones on Bloomberg and other stations something to talk about -- endlessly. It all depends on who's doing the estimates, and do they know what they're talking about. Corporations provide under-estimates of future earnings, and then when the real earnings are announced the stock gets a free pop.

 

Gold appears to be basing. Today's rise out of a mini-rounding bottom is hopeful and is a move towards the 50-day MA which stands at 1682.

 

 

 

 

 

TODAY'S MARKET ACTION:

 

My PTI was up 5 at 6400. The moving average at 6372, so my PTI is bullish by 28.

 

The Dow was up 23.69 to 13228.31.

 

Transports were up 32.07 to 5267.39.

 

Utilities were up 1.45 to 469.46.

 

NASDAQ was up 18.59 to 3069.20.

 

S&P 500 was up 3.38 to 1403.36.

 

There were 2037 advances and 981 declines on the NYSE.

 

There were 203 new highs and 13 new lows.

 

Total Volume on the NYSE and associated exchanges was 3.47 billion.

 

Bonds: Yield on the 10 year T-note was 1.934. Yield on the long T-bond was 3.117. Yield of the 91 day T-bill was 0.091%.

 

Dollar Index was down 0.117 at 78.80. Euro was up 0.21 at 132.62. Yen was up 0.86 at 124.45. Currency Prices as of 1 PM Pacific Time.

June gold was up 4.30 to 1664.80. May silver was up 0.140 to 31.35.

 

June light crude was up 0.38 to 104.93.

 

My Most Active Stocks Index was down 7 at 287.

 

The Big Money Breadth Index was unchanged at 1028.

 

GDX was up 0.55 at 46.80.

 

HUI was up 6.45 at 449.48.

 

CRB Commodity Index was up 2.23 at 305.51.

 

The VIX to 0.08 at 16.32.

 

Permanent Portfolio Fund (PRPFX) was up 0.29 to 48.59 (previous day closing). YTD Return: 5.42%.

 

 

Late Notes -- A lot of work all day for 23 Dow points. Market getting tired but not finished yet. Transports up 32 for a change.

 

December gold up 4.30 and still heading for 1700. Patience.