Daily Investment Interpretations

March 12, 2010

2010-3-12:  The markets marked time today, going nowhere. The NASDAQ Composite shrank 0.8 points, (-0.03%) to close at 2,367.66, , the Dow moved up  ascended 12.85 points (0.12%) to close at 10,624.69, and the S&P 500 subtracted 0.25 points (-0.02%)) to close at 1,149.99. Oil closed up at $81.24 a barrel. Gold slipped slightly to $1,107. The VIX was down 0.48 to 17.58.  
    It would appear that the market is near the tops of its current mini-cycle. It will probably have little farther to run, and will then pull back again to regroup. This isn't a good time to buy, and it could be a good time to sell if you wanted to play these waves. My investment advisory service is looking for a modest 2%-3%, 3-or-4-day  pullback within the present multi-week mini-cycle. They would be buyers on such a dip.
    Here are a few articles:  Beating the China policy sell-offJobless claims down,  Looming collapse in Greece just a myth, Some gold timers blame market for fall.
    Another article, This is the right time for stocks, argues that the breakout patterns for many stocks, coupled with the fact that the broad market is still outpacing the Dow, is indicative of a market that is going higher for at least the next six months.