09/27/2012: GARY ON NATIONALLY SYNDICATED INVESTORS EDGE RADIO BROADCAST

Byaaronmat-admin

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https://archives.warpradio.com/btr/InvestorsEdge/092718.mp3

JUST LETTING YOU KNOW

On Tuesday we had a Distribution Day. Yesterday was no great shakes. And today we come back and somebody in Spain said something, the Euro rallies, the market rallies and everything’s all great again, right?

Maybe. We’ll see.

The good news is again: One day does not kill a market. And as long as the major averages stay above their recent breakout and the 10 week/50-day moving average, they are in good stead. But we do not want to see more distribution. So we will be watching closely, as we always do.

Everything that has led the market since it’s been rallying, which came back down in the past few days – went up again today. What are they?

  • The oils
  • Semiconductors
  • Financials
  • Commodities

The real story of the day is a headline that I saw from a reputable news outlet.

U.S. equity futures have rebounded following the release of disappointing economic data!

I’m not making this up. They came out a durable goods number that was recessionary. It was a recessionary number. The market rallied on it.

That’s what we have come to. Bad numbers are good because it means the Fed and the Central Banks will print more money. And when you print more money an there’s fixed asset base, asset prices go up.

That’s the story today. No complaints.

Good day today. The volume on the Nasdaq was a little bit better, but everywhere else wasn’t. But just leave no doubt about one thing when it comes to the Nasdaq. Apple (AAPL) was up 16 or 17 today. Apple was getting hit recently. Apple is a driving force on the Nasdaq-100 and you can basically overlay it.

But also Apple affects other stocks. So when Apple is coming down, other techs are coming down. When Apple goes up, other techs are going up. Just keep that in mind. Apple did not hold any specific spot. It got close to the 10-week moving average, not the 50-day. And it’s range around in here right now, but strong today.

And, of course, just remember we are heading into a major earnings season. My big worry is one-fold. I know for a fact that the numbers are not going to be that great for the market’s earnings overall. And it’s going to be interesting to see how the market reacts to that. But no doubt, there’s still a floor under the market.

You’ve got the Fed doing their thing and as long as they’re doing their thing, I think we’re okay.

One of the other wild cards, as you know, is election in November. Next week we’re going to have a debate. Right now, the poll numbers indicate that Obama has opened a really good lead and all the Vegas odds are all Obama now. The con-artists media are getting the job done no doubt. I keep asking myself a simple question. Where’s Mitt Romney? I know he’s out there and I saw a couple of speeches.

I’m sorry, he ain’t doing the job if you ask. Where are your specifics? Where’s your nasty? You gotta get passionate. You gotta get intense. You gotta get mean. You gotta dig deep.

It ain’t happening there.

And that’s how you lose elections.

And look. There’s nothing I like about President Obama. I like that he got Osama Bin Laden. But really – he’s got no economic policy that I like and I think he’s changed his stance on a few different things 15 different times. Whatever.

But if he wins, I will wish him the best of luck. And I pray that his wisdom and his decisions make this country better. Unfortunately, he has a different economic view. He believes in him and the people running government.

I believe in you guys. I believe that they work for us. We don’t work for them.

He believes that we do work for them.

What else can I tell you?  

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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.