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There is not a thing I liked about today’s action. I think the only good news here is that we are into end of month and end of quarter…so may get window dressing. But October looms…and not sure there are any countries left to print money.
 
Transports gross…semis caving…reits top and a lot of chart breaks…already.
 
There is a reason I havent added much in past days…and it is just this. So we sit and manage…and let this run its course. I do not believe this is going to be just one down day.
 
KORS does secondary…which didn’t help…and market may no longer be a help…so I think you sell half here…and do the same with AMZN.
 
You have your stop on HFC just below $40.
 
TSCO looked ready to move higher today but the market put an end to that. Use a 95.40 stop.
 
Corrections are normal. I am not in the camp of a big correction but you never know. Heading into earnings season, just not sure how good the numbers going to be and with the fed already showing its hand, not sure of the ammo going forward…but you never know.
 
I am out tomorrow. If something big happens before open, someone will send you report. Otherwise, no premarket.

09/25/2012: GARY ON NATIONALLY SYNDICATED INVESTORS EDGE RADIO BROADCAST

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http://archives.warpradio.com/btr/InvestorsEdge/092518.mp3

JUST LETTING YOU KNOW

A Wake-Up Call

Very simply, what we do here is interpret markets by looking at the underlying action and then when something occurs, we react to it and let you know about it.

Sometime when we put in lows in the market, it’s sometimes short-term, sometimes intermediate-term and sometimes longer-term. When we put in highs, they are just sometimes short-term pullbacks and sometimes they are more than that.

You never know. You just deal with it as it comes.

And recently, I have simply telling a couple things.

  1. As long as the recent breakout holds – good news.
  2. But on the other end of the spectrum, you have the awful action in the Transports and the Semiconductor index. And we have to weary if Distribution starts to rear its ugly head. The definition of Distribution is a “heavier volume down day.” And typically the worse the down day is, the worse the distribution is. And you never know when and at what price it’s going to come from.

Now markets usually do not top out badly on one Distribution day. There’s usually a few and there’s usually a little bit of churning in which the market trades with no progress. And then, you fall below near-term support levels.

And then you see what comes next.

Today is one day.

Shorter-term support – I’m talking very short-term support – was kinda taken out today on the downside, with volume, indicating a Distribution Day in the market.

Let me define that for you and I: A Wake Up Call.

They’re starting to distribute the market here a bit. I use the term “market” because that’s what they did.

The other part of the equation is, we know for a fact, why the market has recently gone up. It’s because there’s been a direct correlation on the big up days with the announcement or the actual printing of money by our Federal Reserve, European Central Backs, Japanese Central Banks, China and India and all these other countries. Easing.

And we’ve told you, we’re not so sure that’s good long-term, but we’ll let the market decide. So to put it in headlines:

  • Distribution Day for the Market
  • Wake Up Call

You probably you want to take a little step back and should be looking to more than likely cull weakness. If you have stocks that have not participated, I’d review. If you have stocks that are actually breaking down here. I’d review. You want to own the best of the best and the stuff with the strongest relative strength in the market.

I’m just stating the facts. Distribution day and, near-term the market may have hit a little wall. Notwithstanding the Fed may announce another $trillion tomorrow in money printing.

That’s the take.

  • Now underneath the surface is another story.
  • As we have told you, the Transports have acted like the Mets bullpen.
  • For a while now, many Semiconductors including Intel (INTC) have been acting terribly.
  • The Commodity areas were rolling over again.

So underneath the surface, we already started to see some issues that I told you about.

So at this point, the best way I can put it to you is, now we’re find out in the day ahead, what this little churning and today’s Distribution means to the market.

And that’s it.

Me? I’m going to step back. I’ll cull weakness and I’ll start thinking about anything I think that could potentially be on the sell side. That’s me. It doesn’t mean it you. Decide for yourself.

I just know these markets have been waves, fits and starts and you never know what’s next. Keep in mind we have the end of the quarter. We’re 40 or so days from the election. In October, we have a massive earnings season. I do not believe it’s going to be good. That does not mean that market gets hit on that as there are other things working on the market.

But just keep it in your file manager.

LISTEN TO GARY LIVE ON WEEKDAYS 6-7 PM ON A STATION NEAR YOU AND AT GARYK.COM

6-7 pm EST

Best of Investor’s Edge
Saturdays 1-2 am EST

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.


NEXT UP…PAY TOILETS ON AIRPLANES

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U.S. airlines collected more than $1.7 billion in baggage fees during the first half of the year, the largest amount ever collected in that six-month period.

Delta Air Lines Inc. once again claimed the title as the airline collecting the most in baggage fees: nearly $430 million from January through June. The slightly larger United Airlines _ part of United Continental Holdings Inc. _ followed with $351 million in bag fees, according to the Bureau of Transportation statistics.

Continued

SOURCE: http://www.breitbart.com

PICTURE OF THE DAY!

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YOU BE THE JUDGE!

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During his first run for president, Barack Obama made one very specific promise to voters: He would cut health insurance premiums for families by $2,500, and do so in his first term.

But it turns out that family premiums have increased by more than $3,000 since Obama’s vow, according to the latest annual Kaiser Family Foundation employee health benefits survey.

Continued

SOURCE: http://news.investors.com

 

kaltbaum premarket

Futures up because blah blah blah strong euro/weak dollar…or whatever. Bottom line, as I told you, charts for indices look fine…normal sitting/pullback past few days.
 
The problem here is finding new merchandise…meaning new breakouts/set-ups. Not a lot here. KORS prices secondary at $53…with the stock above $54 as I write this. I am hoping it is accepted well…because if they didn’t do this secondary, I think stock would be in the 60s already.
 
There are a few names nearing the 50 day on pullbacks and may look to play but not just yet.

kaltbaum email

Nothing new to add tonight. Market came in just a bit today but no biggie. KORS prices secondary and hoping it is taken well. Service up nicely on it. The good news is that market refuses to give an inch. So far, nothing but a sign of strength. I am also starting to see a few good looking pullbacks forming handles…and will alert you if they start to come out of the handles.  I remain still amazed how so many are not accepting this market.

09/24/2012: GARY ON NATIONALLY SYNDICATED INVESTORS EDGE RADIO BROADCAST

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http://archives.warpradio.com/btr/InvestorsEdge/092418.mp3

JUST LETTING YOU KNOW

Hillary Clinton is out calling for a global tax. They have this Clinton Global Initiative. It’s Bill Clinton’s charity. He’s done a lot of great things and he’s raised a lot of money for a lot of great causes. To quote Hillary Clinton:

“It is a fact that the elites in every country are making money. There are rich people everywhere, and yet they do not contribute to the growth of their own countries…”

What? I’m not making this stuff up. This is what she said. And she’s calling for higher taxes around the world on the wealthy.

Right. I try to keep the language here at a certain level, so I won’t do anything more on that…except to say: There’s federal tax, there’s state tax, there’s local tax, there’s property tax, there’s sales tax, and there’s excise tax. In case you don’t know, there’s telephone tax, gasoline tax, airline tax, social security tax…there’s recreational vehicle taxes, water craft registration taxes, workers compensation tax, interest expense tax, food license tax, fishing license tax…how about dog license tax? Cigarette tax. Liquor tax…

Do I need to go further? These people are nuts. Hillary Clinton is nuts. The U.N. is nuts, calling for a wealth tax. And here’s the “nut” part. They can do anything with the money…just slush fund it away. Why don’t you check where our stimulus went? It’s a slush fund.

Are you any of your PO’d about where our money is going and what it’s doing? How’s the trillions doing for poverty? How’s that working out? The trillions that have gone to poverty programs. How’s that doing?

I wish these people would shut up. And when I hear Hillary Clinton talk about how the “wealthy do not contribute to growth?” You contributed? You’re wonderful. You made all your money writing books and speeches. And then had a political machine to win elections.

Fabulous. You know where I stand, ladies and gentlemen. Until government spends our money correctly, they shouldn’t get another dime. Until they’re efficient, effective and accountable, they shouldn’t get another dime.

LISTEN TO GARY LIVE ON WEEKDAYS 6-7 PM ON A STATION NEAR YOU AND AT GARYK.COM

6-7 pm EST

Best of Investor’s Edge
Saturdays 1-2 am EST

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.

 

HEARTWARMING STORY OF THE DAY!

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Continued

SOURCE: http://www.dailymail.co.uk

HOW ABOUT MEETING A MOVING BUS? I WONDER IF PELOSI WILL SAY “GOD BLESS THEM” AGAIN!

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 A report today in an official outlet of the Iranian regime claims that Mahmoud Ahmadinejad, the president of Iran, will meet with members of the Occupy Wall Street movement. Ahmadinejad is currently in New York City for the United Nations General Assembly, where these reported meetings will take place.

“Ahmadinejad is also set to meet American university students, artists, intellectuals and elites, including Occupy Wall Street anti-capitalist protestors, despite the ongoing efforts made by the pro-Zionist lobbies to prevent direct link between American people and the Iranian president,” the Iranian organ Fars News reports.

Continued

SOURCE: http://www.weeklystandard.com