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Quote of the Day

Friday, February 10, 2012

February 10, 2012 -- In the "old days" we used to see formations in the Averages that we called "lines." Lines represented periods of indecision, where the trend was in doubt. A line usually was formed by a narrow extended pattern in one Average (usually the Industrials) that appeared as a band of about 5% in width.


We are seeing such a line in the Dow now. The true direction of the trend is now in doubt.


The direction of the trend will be identified by the way the Dow breaks out from the line -- up or down. Action within the line don't mean much. It all depends on whether the line breaks out on the upside or the downside.







My PTI was down 6 at 6369. The moving average at 6335, so my PTI is bullish by 34.


The Dow was down 89.23 to 12801.23.

 Transports were down 54.95 to 5254.14.


Utilities were down 0.57 to 450.45.


NASDAQ was down 23.35 to 2903.88.


S&P 500 was down 9.31 to 1342.64.


There were 761 advances and 2312 declines on the NYSE.


There were 84 new highs and 8 new lows.

March crude was down 0.84 to 99.00.


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


Bonds: Yield on the 10 year T-note was 1.97. Yield on the long T-bond was 3.13 Yield of the 91 day T-bill was 0.091%.


Dollar Index was up 0.54 at 79.11. Euro was down 1.18 at 131.72. Yen was up 0.11 at 128.92. Currency Prices as of 1 PM Pacific Time.

April gold was down 15.90 to 1725.30. March silver was down 0.31 to 33.60.


My Most Active Stocks Index was down 11 at 288.


The Big Money Breadth Index was down 8 at 984.


GDX was down 0.76 at 54.49.


HUI was down 9.15 to 523.93.


CRB Commodity Index was down 3.36 at 312.14.


The VIX was up 2.12 to 20.75.

Permanent Portfolio Fund (PRPFX) was down 0.01 at 49.28 (previous day closing). YTD Return: 6.92%.



Late Notes -- The Dow down almost 90 points at the close and sinking back into the line. Gold fluctuating on a path to nowhere and still bullishly above 1700.


Have a quiet and peaceful weekend,