JUST LETTING YOU KNOW…
I’ve been telling you for months that I’m not going to commit a lot of capital to this market. I going to take my time. It’s impossible to play —
- When you have a crash.
- When you 10% rallies and 10% drops in days
- And you do that around 8 more times.
- Then a wash out low that goes up 5 days straight without a pullback.
- And you get gaps left and right, up and down and all around.
Today was a case in point. Today’s action…all on rumors and news, and supposed rumors of news.
And we have one more day of it coming tomorrow. The European Summit…a bunch of people that have caused huge gigantic debt problems…telling us that they’re going to solve those problems.
I will continue to be patient…Take my time, not commit a lot of capital.
I’VE BEEN READING A BOOK ABOUT JESSE LIVERMORE AND HIS THOUGHT PROCESS…HE SAYS “WHEN IT AIN’T RIPE, DON’T PICK.
When you are dealing with nauseating human beings that have created massive amounts of debt, destroyed their economies and they’re the ones that are going to fix it — with massive amounts of debt.
So I will just say this:
We’re around that 200-day moving average, as the market rallied back into it. It seems to be that the Big Boys are distributing stock, and they distributed well today. And we’ll see what comes of this. As I’ve been telling you throughout this 8-day jaunt to the upside…
THERE’S VERY LITTLE LEADERSHIP.
LEADING GROWTH NAMES HAVE BEEN TOPPING OUT IN THE MIDST OF THIS RALLY UP. NAMES LIKE BIDU, PRICELINE, AMAZON, DECKER, WYNN RESORTS…WE’LL NEED TO SEE BETTER.
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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.