DJIA

open  10,376.56

close 10,366.72 up 3.70

day high 10,400.10

day low 10,303.00

today's volume 208,529,198

3mo avg. daily volume 238,534,782

DJTA

open 4,167.27

close 4,277.42 up 30.42

day high 4,308.77

day low 4,226.08

today's volume 22,846.871

3mo avg.daily volume 24,231,408

Seeming toppy?  Everyone is discussing the impressive Intel numbers, and acknowledging that it made no difference on the markets today.  Despite volume over the last few days, volume was significantly higher than what we'd previously seen... however, looking at the advance/decline volumes, it seems most of those issues were trying to push prices down, not up.  Below is taken from http://finance.yahoo.com/advances.

I must admit I get a little nervous what I agree with the bobble-heads... but I agree with the bobble-heads... at least today.  Market wrap up news expecting that we're getting a little toppy.  We surpassed my 10,200 number, but by less than 2%, so I'm still holding to my argument that we are meticulously pushing into a long term primary bear trend as each high and each low are both slightly lower than previously.  Since momentum in volume is minimal on the upside, we shall see how volume responds during our next impending push downwards.  Inevitably volume will increase and perhaps we shall see the stop-loss activities that we did in early 2008, where taking losses to avoid future losses seems the only viable option.  The most beautiful thing about a failing market is that it was caused by a failing socialist system... perhaps Russell is right, that old glory, the US Constitution will once again reign supreme... a young man can only wish.

On a final note, I discussed the black cross on the moving averages for the Industrials.  I cannot find confirmation anywhere, not in the Transports, real estate, or any other sector.  Perhaps a divergence from the assumptions of the Theory, or perhaps there is some time here still before that dramatic moment where the general public catches wind and inevitably takes their losses.  Either way, I still believe there is time to get to a strong gold or cash position for the time being and possibly play the shorts, if you have 5 or 10% you're willing to risk.  Again, not because I don't think shorting a falling market is a bad idea on principle, but anything beyond a cursory understanding of how trading works, it's an important principle to understand that, something is only worth what someone is willing to pay for it... and there's never ANY guarantee that someone wants any paper asset you're selling, long, short, or otherwise...

That's all for today, I'm excited to see the sun for a few hours.  Summers are always hard for me in that living in Colorado, there are much, much better things to be doing with ones time... c'est la vie.  That dag-gum fall of man stuff, now we've got to work for a living.