Now why would we post a cartoon like this? Because it was published in 1974 in the Sacramento Bee, and the U.S. has done nothing to alter the frustration depicted. Today we’re treated to the same scene, as OPEC threatens supply cutbacks to support the price levels we suggested over the past two weeks.
Meanwhile back at Wall & Broad, bulls demonstrate they’re still in control. But shouldn’t the bulls be somewhat chastened by the rise today in commodity markets? No. The theme bulls like are “stable” commodity prices, not collapsing, not soaring -- just right (Goldilocks).
We could feature many charts of markets moving higher today. Let’s look instead at bullish percent figures to determine how many stocks in each index are above their 50-day moving averages.
The above BP% charts just give you another way of viewing markets. They’re not perfect at calling tops or bottoms.
The big deal tomorrow is the jobs report. This will either confirm current Goldilocks sentiments or not.
Have a pleasant weekend.
Disclaimer: The ETF Digest maintains positions in S&P 500 Index (SPY), PowerShares Dynamic OTC Portfolio ETF (PWO), iShares Dow Jones US Real Estate ETF (IYR) and iShares Lehman 20+ Year Treasury Bond ETF (TLT).