No Harm, No Foul

Another big volume day, buy only modest gains to show for it (I fund was down slightly). Still, resilience continues to be the theme for a market seemingly bent on moving ever higher.

Market data released today included weekly initial jobless claims, which were higher than expected at 484,000, while continuing claims also surprised to the upside coming in at 4.64 million. March industrial production only rose 0.1% (lower than expected), while capacity utilization came in at 73.2% (close to being in-line with expectations). The Empire State Manufacturing Survey came in higher at 31.9, while the Philadelphia Fed Survey posted a 20.2 (better than forecast).

The dollar gained 0.4%, which kept the I fund in the red at the close, while C and S posted very modest gains.

Let's look at today's charts:



Still on a buy for both NAMO and NYMO.



Still looking very good here.



Both TRIN and TRINQ flipped to sells.



Up again. Still looks bullish.

So 5 of 7 signals remain on a buy, which keeps the system on a buy. The charts continue to look bullish and I don't see any sign of a possible reversal yet. That's it for this evening, see you tomorrow.

 

[Bullitt]

The past two days I believe the high volume to be smart money selling into retailers buying but today is just a wave of selling. Two hours to go and we're already almost at 6 billion shares swapped on the NYSE.

30 point correction coming here? I hope so, but have no fear. Monday will be here soon and I'm sure the trend followers and mo-mo players will be there to participate with the money they borrow from Uncle Ben at .5% and loan out at 4%. I really can't take any of those economic numbers seriously. As soon as the fed takes away the IV, it's curtains.

BTW, Coolhand, Wally World cutting prices to help the huring american consumer. :laugh::laugh:. Translation: Wait hold on a minute I'm still:laugh:... Translation- "We see deflation as a threat. People won't pay up for prices anymore. If we tell the world there is deflation, Uncle Ben and the apparatchiks won't be happy, therefore we must paint a rosy picture of corporate giving"

Got PRULX?

 

[coolhand]

The past two days I believe the high volume to be smart money selling into retailers buying but today is just a wave of selling. Two hours to go and we're already almost at 6 billion shares swapped on the NYSE.

That thought crossed my mind Wednesday, but I didn't get the impression that the action was consistent with that event. There was no volatility and prices soared. It looked like longer term bets, but I could be wrong.

30 point correction coming here? I hope so, but have no fear. Monday will be here soon and I'm sure the trend followers and mo-mo players will be there to participate with the money they borrow from Uncle Ben at .5% and loan out at 4%. I really can't take any of those economic numbers seriously. As soon as the fed takes away the IV, it's curtains.

I'm waiting to see how today's sentinels played out. I know 6 of them will be sells, but I'm not sure about BPCOMPQ. But I held my 50% position because of the underlying strength in this market. I also think we're on the same page in that the big guys will lure in the bulls (it's Monday, right) and get them thinking Friday was a knee-jerk reaction. I may sell into that myself, but I can't make that decision today.

BTW, Coolhand, Wally World cutting prices to help the huring american consumer. :laugh::laugh:. Translation: Wait hold on a minute I'm still:laugh:... Translation- "We see deflation as a threat. People won't pay up for prices anymore. If we tell the world there is deflation, Uncle Ben and the apparatchiks won't be happy, therefore we must paint a rosy picture of corporate giving"

Yeah, I can buy that.

Got PRULX?

Yup.

 

[Bullitt]

I'm just reading more on the GS thing. Just like we talked about and you were right. No ethics anymore. That's why Main Street isn't investing in the alleged "Most Hated Bull in History". They've been burned twice now in less than 10 years by unethical practices, insider trading, a loose money policy, and manipulated economic numbers. Why speculate when you're playing against guys who already know what's going to happen next? This is why America is in bonds. They are too smart to dabble into this maniacal drunken fairy tale circus.

 

[coolhand]

I'm just reading more on the GS thing. Just like we talked about and you were right. No ethics anymore. That's why Main Street isn't investing in the alleged "Most Hated Bull in History". They've been burned twice now in less than 10 years by unethical practices, insider trading, a loose money policy, and manipulated economic numbers. Why speculate when you're playing against guys who already know what's going to happen next? This is why America is in bonds. They are too smart to dabble into this maniacal drunken fairy tale circus.

BINGO!