DOJI

So today once again a boring day and marking a DOJI on the day. Folks the market is at a stand still except for that GOLD :) I am looking at my charts on Gold and it is very possible for it to move to 1280 area easily but wow can we get a rest or a pullback to jump on?
Silver is also on a march upward and that look like it will hit that $20 mark again very soon.
This evening Bank of America said they would repay $45 Billion of the TARP by raising $18-19 billion of fresh capital and cash on hand. Funny didn't they just lose billions in the last quarter I have to check but it seems a desperate move on Bank of America to try and dispell fears they are not on strong grounds and thus the problem of the difficulties of finding a new CEO. Hello BAC, do you want my resume? I will work for free, just want a bonus :)
We will see how that works out in the market but I fear after it is all said and done it will be negative for the stock price. $14-15 is a very important area for that stock and a break of that area would send it easily to $12. What I am going to say here might sound crazy as usual but I honestly believe all these banks want to pay back the funds because they aren't making money. Sound crazy? nope and I will explain. When the TARP is paid back they are no longer under the eye of the government and therefore once again can go after those high risk products that really makes money. Right now they have to play it safe and playing safe means profits are slim and in most case declining, that's why they are raising fees all over the place on consumers. Yep sound crazy but it is the nature of Wall street, GREED rules! not risk management. That's one of the serious flaw of being overly capitalistic, greed takes over and we throw caution to the wind..

Gold Again

Nothing seem to be stopping this engine from revving. Watch the 1101 level on the S&P today, must hold that level for the bulls.

Side note I have been working on some new stuff and I have been fine tuning projections with time and price for more accuracy. Using previous projection we still have a projection to the 1145 area for the S&P.

Range Bound

We have been in a range bound market for the last three weeks. The range has been 1086-1112. Believe it or not put up a chart and look at it almost impossible to do anything. A 25 point range for week is just ridiculous and I wonder if it could remain this boring for the rest of the year.

Gold

http://www.businessinsider.com/as-gold-hits-1200-china-prepares-to-increase-its-holdings-significantly-2009-12

S&P Silverblatt

Just read Silverblatt noting this decade will be the first decline in the market ever. They are also claiming a Dec 2010 target on the S&P between 980-1100 so basically falt from these levels. Very interesting indeed

Citibank cautious on Banks

(Reuters) - Citigroup said there are substantial risks facing U.S. bank stocks now, but in the near term these stocks can grind higher given a combination of the Federal Reserve's accommodative stance plus a modest recovery.
"Since there is above-average risk, we would remain very selective focusing on banks that have strong capital positions, while avoiding banks with the combination of relatively high commercial real estate exposure and questionable capital strength," Citigroup said in a note.
The brokerage upgraded BB&T Corp (NYSE:BBT - News) and Fifth Third Bancorp (NasdaqGS:FITB - News) by a notch to "buy" and kept Bank of America Corp (NYSE:BAC - News) as its top pick among U.S. bank stocks.
Citigroup analysts, including Keith Horowitz, also kept their "sell" rating on the shares of Zions Bancorp (NasdaqGS:ZION - News).
The analysts are also upbeat about the shares of Suntrust Banks (NYSE:STI - News), while they see the least value on Regions Financial (NYSE:RF - News), KeyCorp (NYSE:KEY - News) and Zions.
They estimated that banks in their coverage have crossed 55 percent of the credit cycle, though M&T Bank (NYSE:MTB - News), Comerica (NYSE:CMA - News) and BB&T have most losses ahead.

Banks with excess capital will be key players when the credit cycle is over, giving them a chance to take advantage of opportunities such as acquiring weaker players and organic loan growth, the analysts wrote.

Gold

Gold January contract traded 1199.6- Hmmm I would call that $1200. Important to watch Oil here to and see what it does out of the structure. Structure has been consolidating but would more seem to be signaling higher.

Charts will be back up tomorrow