NOW THAT’S NEAR-TERM STRENGTH!

When I told you earlier that I thought there could be some near-term good news, little did I know. I simply saw the Nasdaq get a big bid while the Dow was still down 100. The Nasdaq’s strength has lifted all boats. I will have a bigger report over the weekend wrapping up another nauseating week…but for now, it is starting to feel like the recent lows are being defended and being defended well. Moving averages are still stretched away from price so this could rally further if it wants to. Remember, markets will always revert back to the norm. You are seeing it in Gold now as it starts to pull back…and you may be seeing it in the market as it tries to rally up. Of course, don’t blink!

 

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.

WATCH THE NASDAQ

I shouldn’t say this because it is only 1020 am but NASDAQ showing supportive action…even when DOW was down 200, felt no selling in the NASDAQ…so with DOW down 100, this could be some near-term good news. I always want to see the NASDAQ lead and this morning, it definitively is. As far as Bernanke, blah-blah-blah…but I like that he did nothing. Don’t blink. The big picture is still yuck.

To my friends in the Northeast:

Living in Florida for many years, I have been through many hurricanes. I was there for Andrew…and in the recent past, saw 3 come through central Florida within weeks. Please take this serious. They play no favorites and they are destructive. Hopefully, this one turns away from you.

 

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.

STEVE JOBS MOVING ON!

“To the Apple Board of Directors and the Apple Community: I have always said if there ever came a day when I could no longer meet my duties and expectations as Apple’s CEO, I would be the first to let you know. Unfortunately, that day has come. I hereby resign as CEO of Apple. I would like to serve, if the Board sees fit, as Chairman of the Board, director and Apple employee. As far as my successor goes, I strongly recommend that we execute our succession plan and name Tim Cook as CEO of Apple.”

With those words, more than likely, an end of an era. Knowing Mr. Jobs’ past health problems, his words seem ominous. Let’s just hope they are not. I consider Apple and Steve Jobs the single most important positive business story of the past decade. Apple was toast in the early 2000s but because of one man’s vision, this company has become arguably the #1 brand name in all the world. Steve Jobs’ vision is iconic. I remember my first thoughts upon release of the IPOD…”This is nothing more than a Walkman!” Nice call, Gary.

I will leave it to others to predict the outcome and whether Tim Cook will be up to the job. I figured at this point in time, I would just  include a link to a commencement address Steve Jobs gave a few years back. It will speak for itself. Over-the–top fabulous.

httpv://www.youtube.com/watch?v=D1R-jKKp3NA

 

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.

FOLLOW THROUGH DAY…BUT!

The market experienced a follow through day yesterday. By my discipline, it means the market is back in an uptrend…but…keep in mind, there has been a lot of damage done…and if this is going to work, it may take some time. It is just good to see the market holding the recent lows and actually moving off of it. I think there is also some near-term good news in that the market moved higher on poor economic numbers. I have been asked if whether this move is people making bets that Helicopter Ben will announce QE3,4,5 and 6 during is Jackson Hole meetings this weekend. I think anything is possible but I tend to not worry about why. Please read my recent report on how I thought the market was ridiculously stretched to the downside and that it would be normal to bounce up as moving averages continue to fall down. I believe the market is still in a bear market. It just needs to work off its extended condition to the downside.

Please keep in mind there are hardly any new highs, thus no breakouts. And furthermore, there are hardly any stocks even above the 50 day moving average. it is just good to see the market have a bid.

As far as Gold, methinks Gold may have completed its parabolic move yesterday as it was stretched away to the upside…the opposite of the market being stretched to the downside. I hear the GLD was worth more than the SPY. If that’s not a contrary indicator, I don’t know what is.  Gold is still in a bull market. It just needs to work off its extended condition to the upside.

Please check out my updated website…garyk.com.

 

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.

GOLD STOCKS FAILING TODAY AS THE METAL FINALLY WACKED

 Yesterday I told you that GOLD STOCKS were breaking out but that my worry was that the metal was ridiculously extended. I asked what would happen if the extended metal started pulling in. We got our answer today as GOLD is down big…with the underlying stocks following as their breakouts fail. I read this morning that the GLD was worth more than the SPY. I read that bullishness on GOLD was at all time highs. Contrary indicators at work again. Of course, GOLD has also gone parabolic in recent days.

 

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.

GROPING FOR A LOW

OK…it is early…and after yesterday’s nauseating reversal off of a hot open, very tough to get anything out of today’s early action. But I couldn’t help but notice a poor manufacturing number, coupled by a poor home sales number this morning. Instead of the market selling off, it has been actually bought up. Again, it is early, but yesterday, the major indices just about revisited the lows of August 9. A successful retest would go a long way towards the market trying to put in A low after a nasty drop. Notice the word “A” and not “THE” in this title. Again, it is early, but when markets are in poor shape, I am always looking for signals that tell me the worst, at least in the near-term, could be over. Rallying on more bad news could mark that area. It will be all about the close.

 

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.

Image: jscreationzs / FreeDigitalPhotos.net

 

And this is one of our U.S. Representatives?

What happened to lowering the tone? She should be hosting a show on MSNBC! Her words speak for themselves…

http://www.youtube.com/watch?v=NBi2y84l1cQ