JUST LETTING YOU KNOW…
At the open this morning the Dow gapped up 260. Another gap. What was the news?
- There was talk about how Black Friday was very good and how sales were much better than expected.
- There was talk about another 800 billion Euro save of Italy, Spain and Greece of all those places. We’ve been hearing that for the better part of 20 months.
For me, there’s only reason why we gapped up big. The market’s trying to drive everybody up a wall. The markets were beyond oversold by all my measurements. We were due to rally. But we don’t rally any more. WE GAP. The problem with these gaps…if you can’t get in, you’re paying up. And the same goes for the downside. You can’t get out.
The other thing I’ve been telling you about…10 out the last 10 years and 22 out of the past 24, the market has been up from Veteran’s till the end of the year. The market topped on Veteran’s Day and has come straight down. So it’s got some work to day. Today went a long way towards that.
If we cannot rally in a meaningful way, lookout January —
THIS IS DAY ONE OF AN ATTEMPTED REALLY, WITH NO GROWTH LEADERSHIP WHATSOEVER TO BE FOUND.
Just things recovering a bit after a nauseating drop of the the past 7 days. Could we get a new rally out of this? Anything is possible. Especially right now into month-end and year-end.
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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.