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The Market

Technical

Is it getting boring to have me say, the indices (DJIA 13164, S&P 1405) had another flat, uneventful day (Dow down, S&P up)? Sorry, but they did, finishing (1) near the upper boundary of their short term trading ranges [12022-13302, 1266-1422] and (2) within their intermediate term uptrends [12176-17176, 1281-1851].

Volume decline; breadth was mixed. The VIX continues to perplex me, closing down slightly---the sixth day below the lower boundary of its intermediate term trading range. As I have made clear, I am not convinced its performance is confirming a break. I am holding off for another day before making the call.

GLD was up a bit, remaining well above the lower boundary of its intermediate term trading range but still no challenge to the level of the last in a series of lower highs.
http://www.minyanville.com/sectors/precious-metals/articles/precious-metals-market-precious-metals-stock/8/14/2012/id/43209