Market summary of today's action, April 29th

The question for the day, Did we have a significant breakout today to the upside? Well, it depends on the what definition you use to the meaning of the word "significant". Again the move was at one time up over 200 points on the Dow. It closed up an amazing 166 points on a day when GDP for the first quarter was announced as down 6.1%. There was other bad news in other metrics but laid on top of all this data was the concern over the Swine Flu. It wasn't until after the market closed that WHO (World Health Organization) raised their alert now to a 5 out of a possible 6. How this will affect markets worldwide tomorrow is uncertain. The major disappointment if there is one today, is that the Volume continues to be very low and not convincing of the true nature of this rally. I lost money on paper today on both TZA and FAZ, but they were offset by gains in other stocks. The Put to Call ratio hit a low during the first hour or so of 0.67 but closed at 0.75 and while it is not as low as it has been it is setting up a sell signal, if we continue this decline in the ratio. Tomorrow is the last day of the month of April and so the month appears to be ending fairly decently on the indexes.

I know it is frustrating to be waiting for a pull back and not get one, so I feel your pain. Do what's best for you. I need some strong signal to change my mind and I haven't gotten it yet. So I am staying pat unless during the days something says to change my mind. I will post as quickly as I can, if I do.

Don't forget to take the Mini Poll on the right margin about how long the recession will last. Only vote once per month. Tomorrow will be the last day of this month's data accumulation and on Friday I will post the summary compared to past months. Thanks for coming by and feel free to leave a comment on your views of the market or anything else for that matter.