Silver and gold have I none (but I got shorts)

Posted on Apr 12, 2013 by in Letters

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=9&dy=0&id=p34555890157&a=214966864

http://stockcharts.com/h-sc/ui?s=$INDU&p=W&yr=4&mn=0&dy=0&id=p95004260755&a=268628424

In this comparison of peers the better picture of the market is the indu, and we think it better reflects the true state of the market.  The very tight trendline in the SPX is of negligible  analytical value here (but our feelings would be hurt if it got broken).  As though freaked by the line the SPX took off and the advance foretold by the consolidation seems to have started.

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