Friday links: gold theology
Quote of the day
Floyd Norris, “More than almost any other dispute in economics, gold often seems to be a matter of theology. “ (NYTimes)
Chart of the day

Category: General Market Tags:
UNDER THE COUNTER; "BEAR"-LY BELOW:
According to my records of weekly closes, the Nasdaq is only 4.3% below its all-time highs of the last decade; the SPX down 17.7% and the DJIA 13.2%. Whether the NAZ can make new highs depends on the usual year-end rally and the upcoming Bullish 6-months cycle (Nov. to Apr.). The Election year of a Presidential (4-year Kinchen) cycle is usually slightly up. Beyond that, Martin Pring's Lost Decade is still the dominant cycle, echoing Japan's previous markets.
Here are the numbers:

Category: General Market Tags:
YEAR END WHIMPER:
With the S&P 500 ending EXACTLY the same as the year before -1257.6 - it signified the boring end to 2011; many of the Indicators regressed to the mean on low Volume, with the VIX at 23. Some relative extremes did include the Inv.Intell. Bulls at 50+%; my records show a 62.9% high in Dec. of '04. AAII Bulls jumped to 40% - must be the champagne! A small number of funds flowed out of equity funds into MMFs, but the ETFs remained almost unchanged month/month.
Here are closing numbers for 2011:
Date>

Category: General Market Tags:
TWIST AND SHOUT! :
While the Fed does the Twist with Zero interest rates impoverishing prudent investors while banks prosper, Occupy Wall St. shouts displeasure (37% of those polled agree with them). Uncle Ben predicted that the QEs would raise the stock market, but failed to mention the prices of oil, food, etc. that the average citizen had to buy, while receiving negative interest after Inflation (2 1/2%), taxes (going up soon), and a weakening $.
The year-end rally has begun, according to various cycles, but could become sticky around the current level (Jan., Mar., and Jun. lows/Support).
VelocityShares Daily 2x VIX Sho (TVIX)
VelocityShares Daily 2x VIX Sho (TVIX)Key support level is "quite clear"Price/Volume action : Pay attention to itRed arrow = Key trigger reversal level !

Category: Technical Analysis Tags:
JANUARY BAROMETER:
As the old saying goes (Observable, but not Actionable) : So goes the first week of January - so goes the month; so goes January, so goes the year! Of course, a la the Heisenberg principle - since the year contains the month, it has a nice running start.

Category: General Market Tags:
iPath SP 500 VIX Short Term Futures ETN (VXX)
iPath SP 500 VIX Short Term Futures ETN (VXX) ; 1) Focus on the "last key support level"2) Main trigger = VOLUME !!!!! Expect a volume break out

Category: Technical Analysis Tags:
NEW & DEPROVED SENTIMENT TABLE:
Still working on the matrix transfer, but the data is updated.
One of my DITM blog readers kindly shared a DITM-style website, for those interested:
tknight@fullyinformed.com
Additionally, the Gabelli ETF - GDV- also does a nice job, with a 3+% mgmt fee. I also listed 2 trades I did today, ex-dividend tomorrow.

Category: General Market Tags:
ORANGE ALERT:
Interesting week for a rather calm stock market: the S&P500 broke up through the 1300 level to a double top from last July - Larry McMillan states that it is 3 Std Deviations above its 20-day MA, and just as Oct and Apr.'11 and Feb.'07, the OEX put/call Volume ratio was 2:1. The Baltic Dry Index broke below 1000 for the first time in 3 years, a global economic indicator.

Category: General Market Tags:
Euro Breaks Recent Support
In recent months, I have said repeatedly that all you need to do is look at what the euro is doing to know how stocks are faring. This morning the euro is breaking recent support levels and falling to fresh lows.

Category: General Market Tags:
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