JUST LETTING YOU KNOW…
Over the past week, major averages dropped between 7 and 10 percent. Foreign markets much worse.
Coming into this week, we were discussing how awful the market was acting in a time of seasonal strength. As I have told you, the market has been higher from Veterans Day until the end of the year…10 out the 10 years and 22 out of the past 24 years.
WE WALK IN MONDAY TO A 260 POINT GAP IN THE DOW.
WE WALK IN TODAY TO A 360 POINT GAP ON THE DOW.
For the week the Dow is up 813 points, getting back almost what they lost in the prior 7 days. 620 of those points were off a gap.
As I’ve been telling you with these outlier events and these ridiculous moves both up and down, I’m just better off telling you what the leaders are and let all this noise continue. When you have so many things happening to affect markets and so many people interfering, nothing is off the table.
Major averages are back at resistance levels which are under the massive resistence levels of the Feb through August period. That’s where we are after this 2 out 3 day move up.
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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.