One thing is clear. Investors are continuing to buy the Dow-type stocks, the ones that have a long history of paying dividends. I watch the ten largest capitalization stocks in the S&P 500 on a daily basis. As I write, nine out of these “big ten” are higher. The nine are XOM, MSFT, PG, T, IBM, JNJ, GE, CVX and KO. – Richard Russell of Dow Theory Letters
(Ed Note: The Following is just a small fraction of Mark’s Daily VRTrader Letter)
STOCKS – NEUTRAL from SELL Oct. 3rd HERE
Back in early May when my work generated confirming Negative Leibovit Volume Reversals and ‘seasonality’ suggested ‘Sell May and go Away’, the universe was in perfect order. Come the Fall and the Autumnal Equinox, seasonality told us to be on the lookout for a low in the market – a low ideally confirmed by positive upside volume (my Leibovit Positive Volume Reversal). So far, cycles seem to be ‘in gear’ but volume is not. This does not preclude a further rally try – so I remain NEUTRAL, but cautiously bullish thinking then when this party is over in the next few weeks – down we come again. Last Spring my sense was that we were going to experience a summer swoon, but come the Fall we could be readying for a resumption of the current bull cycle which began back in March, 2009. The reasoning was strictly political – we have an upcoming Presidential election. In addition, we have a seated Fed Chairman who knows better than any of his predecessor how to lubricate and run the ‘invisible’ printing press that automatically creates money out of thin air and transfers it into the coffers of friendly corporations and foreign governments at the push of a button. Traders are holding their breadth to see how the today’s Employment Report . September Non-farm Payrolls are expected to increase to 63,000 versus unchanged at zero in August. Private Payrolls are expected to increase to 90,000 from 17,000 in August. The September Unemployment Rate is expected to remain unchanged at 9.1%. September Hourly Earnings are expected to increase 0.2% versus a 0.1% decline in August. (Ed Note: Actual Unemployment figures HERE)
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