DJIA
open 10,424.17
close 10,525.43 up 100.81
day high 10,526.79
day low 10,414.40
today's volume 178,815,615
3mo avg. daily volume 237,400,101
DJTA
open 4,370.99
close 4,482.09 up 112.38
day high 4,485.94
day low4,370.82
today's volume 20,620,987
3mo avg. daily volume 23,734,470
Please accept my apologies for missing my posts both Thursday and Friday. Here are yesterdays close numbers. I should be back on a normal schedule by this afternoon. A necessary moment of prayer for the family of a close friend and a last minute trip to Denver for the Faith and Liberty 2010 conference made last week much shorter than I was expecting. A wise woman I know once told me, "In life, you have to be like bamboo, bend, but don't break." Everything this weekend was exactly as hoped, and I did have a great time (except of course for the drive, 6 hours both ways isn't terrible, but I have made that drive so many times in my life it tends to get monotonous).
I will expound as best I can on the conference in a moment, but first, on to the markets. A chart below showing movements over the past 10 days or so, as I try to play catch-up from the missed time last week.
Finishing Rhea and moving on to Russell, I do have one quote to add from his book "The Dow Theory Today" through Fraser Publishing. An article included in the book, written by Russell and originally published on December 1st, 1958, Russell writes...
Dow Theorists know that upward moves in a bull market are long and plodding compared to the fast, often violent downward moves which occur during reactions. In a bear market, the exact opposite is true. Yet the reaction of 1957 wiped out 100 points in the Dow-Jones Industrials in just three months. It was an extremely rapid move compared to the slow climb which preceded it-hardly bear-market action. And the return from the October lows took more than four times as long, or 14 months-a comparison which has extremely bullish implications. In other words, it took 14 months to retrace what three months had wiped out." Russell goes on to say in the next paragraph, "At the bottom of a bear market there is usually a period of prolonged dullness accompanied by very low volume... In a bear market... volume expands when prices dip." In piecing multiple aspects of the Theory together, here's what I see...
- Volume is stagnant and uninteresting on the up days, and excessive on the down days.
- New highs and lows are lower than their predecessors.
- We have had a "black cross" on just about anything that matters... EXCEPT the TRANSPORTS (Dow Transports, the Baltic Dry Index has crossed)
I did have a wonderful chat with Amb. Alan Keyes and Don McAlvany Saturday night over dinner after the seminar, and it is always interesting to hear more about Washington DC from someone who has made their mark there since the Reagan administration. By his own admission, Keyes is a politician who puts his moral compass at the head of his decisions. He would express a deep concern for his own party, and those that share some of his "political" viewpoints for just that reason, to Keyes they are moral issues, for his counterparts, they are purely political. In a meeting this morning I heard the President of our company say, "Ideology is only a tool. Politics is about power and control." To hear a message this weekend was interesting thought, to hear it repeated through a different source only a few days later may just be confirmation.
So my question to dear Mr. Keyes, whom I now have a much deeper respect for after this weekend is, "How would a person of your stature survive in the political arena for decades?" The answer I gathered, without having ever asked that question, was that without his wife and family, he may not have.
That's enough for now... looking forward to the finish of today. Tonight's missive will include a discussion about moving averages and the price of Gold over the past 8 years or so...
God bless,
-slim
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