The Morning Call + Adding to our GLD position

Today in my 70th birthday; friends and relatives will start arriving this afternoon for a weekend bash. So no Morning Call tomorrow or Closing Bell on Saturday. I am hoping to be sober enough to do Monday’s Morning Call.

The Market

Technical

The indices (DJIA 13172, S&P 1413) turned in a mixed performance (Dow down, S&P up), remaining (1) within their short term trading ranges (12022-13302, 1266-1422) and (2) their intermediate term uptrends (12223-17223, 1285-1865).

Volume was lower; breadth was weak. The VIX was up fractionally, continuing to trade in its short term downtrend. However, as I noted yesterday, I am still not convinced that its recent performance isn’t either a ‘fat tail’ to our time and distance discipline or that the VIX simply shifted the lower boundary of the trading range to a slightly lower level.

GLD was up strongly again, closing within its intermediate term trading range. It is the second day above the level of the last lower high; however, it also faces resistance from the short term downtrend. I want to take our Portfolios’ GLD position from 15% to 20%---which will be done by Buying 2 ½% today at the open and an additional 2 ½% when GLD breaks the upper boundary of that short term downtrend.