4/20/11…brief comments

Let’s look at yesterday’s rally: Dow +0.6%; D&P 500 +1.1%; both Nasdaq indices +1.7%!!; Russell 2000 up just 0.2%??? Advance/declines and Breadth were only modestly positive and there were 139 new 52 week highs and 60 new lows restoring that ratio to positive. But look at this: Goldman gapped down on Friday and kept going…today it is only up slightly but off the lowest level since 10/5! It is also down to $149 from $175 on January 18th! As for poor BofA it had its fourth straight lower low and closed at lowest since 12/8/10 q5 $12.60…on 1/14 it stood at $15.31. Let’s keep the rally in perspective shall we?

Now let’s look at volume: 847 million shares breaking the string of exactly two 1.04B share days. Citi’s volume was 542 million shares and this time it rose 11 cents to $4.53 for a gain of 2.5% while BofA was off 0.6%.

Gold hit a new record high of $1506.20 this morning and is now $1503.80 +$8.70…could be first close above $1500. Crude meanwhile is at $109.87 +$1.59…with major resistance at $110. The culprit on both? The dollar which plunged this morning to a new cycle low of 74.31 -.76…sayonara 75!

TB leaves it up to you to say just how bullish you are.

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