The Dow Industrials rose 80.75 or 0.60% to 13,575.36. The S&P 500 rose 10.41 or 0.72% to 1461.40, the NASDAQ rose 14.23, or .45% to 3149.46, and the Russell 2000 rose 5.87 or 0.70% to 844.65. Volume increased over Wednesday on the NYSE but dropped on the Nasdaq. Breadth was positive.
All nine sectors were in the green, led by financials (XLF +1.48%) for the second day in a row, with materials (XLB +1.29%) coming in second. Technology (XLK +0.29%) lagged.
Markets, including the metals, are inching higher in a timeframe (late September into mid October) where we often instead see a correction ahead of the big year-end rally.
CANADIAN SUMMARY: Leibovit Volume Reversal analysis now projects the TSX to first 13,029 and then possibly 13,529 in the months ahead based on technical action this past week! – read more HERE
Political forces, especially Ben Bernanke who I affectionately call ‘Pubic Enemy #1’ are destroying all of us, especially the middle-class by laying the foundation for the ultimate default of U.S. debt and an horrific collapse in the U.S. Dollar castrating all of us. Even Kegel exercises(described below) won’t help.
Sure, Wall Street likes this as stock prices temporarily rise and, sure, investors trapped in IRAs and 401(k) plans tied to the stock market may be celebrating over the short term. But, at what price? And, for what purpose? Bernanke’s directions come from the bankers, the cartel known as the Federal Reserve System – a private corporation whose shares are owned by both domestic and foreign banks. Keeping interest rates at zero to aid the Federal Reserve partners (shareholders) and to minimize interest payments on a huge U.S. debt are criminal acts enough. But, upholding an institution who acts and conducts itself beyond the law is intolerable in a free society. The ‘rule of law’ must be upheld and, as we know, we see it slowly crumbling around us.
Back to the current reality: Unless my work has generated false signals (not impossible), upside potential in the weeks and months ahead could still be 1000 points higher in the Dow Industrials and TSX and 100 points higher in the SPX. That said, I am patient here awaiting a clearer short-term long-entry signal. A breakout to new highs (1475 S&P 500) would one such signal, but my hope is that we pinpoint a buy coming off a correction low instead. Will we get a dip or will the PPT continue to push prices higher right into the election? We will know in the fullness of time.
Mark Leibovit’s Gold Letter, # 1 Gold Timer for 10 year period & #2 Gold Timer for 2011
Mark Leibovit
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