Not much to report from Tuesday’s trading or news. The Dow managed to hold on to 11K somehow and the broader market shrugged off early selling to close basically flat. The bonds got smacked probably based on near term supply issues, coming next month.
Apple computer (AAPL) announced that it was putting Intel (INTC) inside—which could be the biggest news of the day. INTC didn’t react much either way to that news.
So, a few people have tried to contact me regarding the latest run to 11K in the Dow. I think they just want to let me know that they are paying attention to the market and know that I would be interested, which I am. These types of calls are proof positive that the majority of the world (okay maybe some of the people I know) watch the Dow and whatever it does is what the market is doing.
Hitting 11K may be exciting and all but the whole idea is that the Dow has been there before a few times in the past decade and people are Still bullish.
We watched the market with pain today as the nice little pullback was erased and the market managed a flat close. Right now the market is doing what it can to confuse the most people. We are losing money over the past six weeks and we don’t like it very much. The market is Still over bought and is due at least a correction in this rally. When it does come down, we will assess the indicators to see what we think then.
For now Be careful and Be selling. Cash is King.
Dow Industrials: 11,011.58 -0.32
RYVNX: 17.27
RYAIX: 21.08
TLT: 91.04 (not a good day for bonds)
BEGBX: 13.33
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