Today is a half-day for the exchanges, less time for the stock market to get in trouble. Actually one of the surest signs of impending trouble is an accumulation of distribution days -- days in which the institutions are selling. Happily, as of today we have only two distribution days on the NASDAQ and one on the S&P.
Thus the coast is clear for a higher market. Our office is closed today so I don’t have my data, but I believe we’re getting a new record high in the Industrials. The VIX is at a low 13.33, which means that traders see low volatility ahead, and see no need to buy protection against a market decline. As I write, gold is selling at 1166.8. With gold under 1200 it appears that gold is heading for a final wipeout. I think this will clear the deck of the last hold-outs and complete a base for ... Log in or subscribe to continue reading.