The markets finished the day little changed, the S&P 500 down about .1%. Today can be classified as a consolidation day and a victory for the bulls. Another sign of a stronger market is the fact the Momentrix Model portfolio was very strong today. The portfolio was led by NFLX, open, and TIBX, all having strong gains on the day.
Commodities had a big rebound, led by silver, oil, and gold, up 4.9%, 2.1% and 1.8% respectively. The Euro took it on the chin today as Moody’s downgraded Portuguese debt leading to a flight to the “safety” of the dollar and commodities. Although the market continues to act as if it wants to go higher, these surprise headlines are a reminder of the risk in the system right now and a reason for caution. The fact the market was able to hold up after this headline is a positive. The bottom-line is that it is very difficult to decipher the trend of the market with all the crosscurrents. It certainly doesn’t call for a fully invested posture, yet.