“Initial claims for state unemployment benefits increased 28,000 to a seasonally adjusted 385,000, the highest level since November, the Labor Department said on Thursday.” Story at…
http://www.reuters.com/article/2013/04/04/us-usa-economy-jobless-idUSBRE9330HH20130404
The markets depend on Friday’s unemployment report from the BLS.
“Investors continue to be amazingly complacent (the VIX is below 13). The prevailing sentiment is -- nothing bad can happen as long as Ben Bernanke is in control…what bothers me is that it is so darn pat. I want to be optimistic, but when nobody worries, I worry.
The government's all-out propaganda campaign to tell Americans that all
is well, surpasses anything I've ever seen in 60 years of watching markets and
the news. However, the huge propaganda effort by the government and the Fed is
losing its believers. Currently, the job picture is so brutal that the word is
getting out. – Richard Russell, of Dow
Theory Letters
Full story at…http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/4/3_Richard_Russell__I_Havent_Seen_Anything_Like_This_In_60_Years.html
MARKET INTERNALS
Market internals are starting to show some more telling
signs of deterioration. The 10-dMA of
%-advancing (Breadth) has dropped below 50% and that frequently indicates trouble
for the markets. As of yesterday, new-hi/new-low
numbers are fading down, not critically though.
MARKET RECAP
Thursday, the S&P 500 finished up 0.4% to 1560 (rounded).
Thursday, the S&P 500 finished up 0.4% to 1560 (rounded).
VIX fell 2% to 13.89.
NTSM
Thursday, the NTSM analysis remained HOLD at the close. The numerical analysis has not yet confirmed
my “off-the-grid” top-call.
Sentiment is a sell; Price, Volume and VIX are all neutral – same as
yesterday.
MY INVESTED POSITION
I remain about 20% invested in stocks as of 5 March (S&P 500 -1540),
due to my risk tolerance rather than the numerical NTSM analysis. To put it bluntly, I currently have no
tolerance for risk. (If I were strictly
following the NTSM numbers, I'd still be heavily invested in stocks.) My
reasoning may be found at…http://navigatethestockmarket.blogspot.com/2013/03/why-i-got-mostly-out-of-stock-market.html
