JUST LETTING YOU KNOW
There’s Just No Oomph
The market is moving on every move of the Euro. So if the Euro decides to rally here, I think market will rally some. But gotta tell you, on the whole, the market looks like caca. The action is caca. I don’t have anything redeeming to say about the market right now.
There’s a clear lack of leadership with more and more names just not working. There’s no just oomph.
Coming into this week, we were short-term MASSIVELY oversold, stretched and extended to the downside–where typically you will get good bounces out of that.
We hardly bounced. We had one up-day and sat.
So the bounce is anemic at best and that worries me. Because I’ve got news for you, if after a big drop and you can bounce well? Oh, the next move is down.
Now we have three days left in month. Typically that’s supposed to strong because they paint the tape.
But then again, going into Memorial Day was supposed to be seasonally strong, and the market flopped on its head today.
Just pay attention. We’ll guide you as best as we can. The market remains in correction and that’s it.
Most areas of the market have turned down.
European markets look terrible.
Asian markets look terrible.
Commodity stocks…holy smokes.
Financials….whacked. J.P. Morgan didn’t help.
And I could go on and on.
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Gary Kaltbaum owns Kaltbaum Capital Management, LLC (“KCM”), an investment adviser registered with the U.S. Securities and Exchange Commission. The opinions expressed herein are those of Mr. Kaltbaum and may not reflect those of KCM. The information offered in this publication is general information that does not take into account the individual circumstances, financial situation or individual needs of an investor. The information herein has been obtained from sources believed to be reliable, but we cannot assure its accuracy or completeness. Neither the information nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Any reference to past performance is not to be implied or construed as a guarantee of future results.