I will have a bigger report covering the con artists as well as the market on Monday but wanted to send this short note out to you today.
Major averages are now back at longer-term support…where they held nicely the last time. Remember, support is just that…a place where the big money crowd stand up to defend the market. As I write this, the S&P is holding the 200 day. The Smallcap 600 is holding the 200 day. The NYSE, Midcap 400 and the Russell 2000 have undercut but as I write this, are trying to reverse.
It is early, so anything can happen by the close. Just wanted to let you know we are back to that important juncture where markets held back in June. Also, add in the fact that you could cut the bearishness with a knife as the con-artists try to scare the c–p out of the average hard working American who caused none of these problems. It is still early in the day…but markets have already been hit hard on the fake default crisis. THERE WILL BE NO DEFAULT!
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.