IF THEY WERE PAYING FOR IT, THEY WOULD NOT HAVE SPENT IT!

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Poor oversight at the U.S. Department of Veterans Affairs allowed agency officials to waste as much as $762,000 at a pair of multimillion-dollar conferences that took place last year in Orlando, according to an investigative report released Monday.

The report, released by the VA’s independent watchdog, estimated that the agency spent about $6.1 million on the two conferences, including $762,000 that was identified as unauthorized or unnecessary. Among the wasteful expenses: $97,906 worth of promotional gifts for the federal workers attending the training sessions; $154,000 for contractor travel; $16,500 to produce daily “Happy Face” videos of those in attendance; and nearly $2,300 for beverages, such as soda and juice, consumed by conference officials and speakers.

Continued

SOURCE: http://articles.orlandosentinel.com

kaltbaum premarket

After distributing strong open yesterday, futures up nicely today. Now we get to see if the sellers are still out there. I would rather see markets open down than up.
Again…just to make you aware…IBM broke out of a cup and handle pattern yesterday but sales are down 3%…so not thrilled with growth…but technically, really good action. EL also broke out of a handle and actually can be played here…with a stop if it breaks back below $62ish. I would only use partial position on this one.
DHW and GWW also attempted breakouts but pulled in. We will be watching.
A careful and unbiased market watcher has to be watching last week’s distribution combined with yesterday’s action but to repeat…UNTIL THE RECENT MARKET BREAKOUT FAILS AND UNTIL MAJOR AVERAGES BREAK BELOW THE 50 DAY MOVING AVERAGE, IT IS SILLY TO GET TOO BEARISH.

10/01/2012: GARY ON NATIONALLY SYNDICATED INVESTORS EDGE RADIO BROADCAST

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http://archives.warpradio.com/btr/InvestorsEdge/100118.mp3

JUST LETTING YOU KNOW

If there’s any one article I want you to read and listen to on Garyk.com it’s this one. I titled it: READ AND WATCH ALL OF THIS! HE GETS IT! THE CON-ARTIST MEDIA REIGN!

You know what I think of the media…they’re con-artists. They’re not even corrupt any more. They’re con-artists. They drive the agenda. They lie about the agenda. The hide the things they want to hide and they will pound away on the things they want to pound away on depending on who it involves. If it’s somebody they like and they do something wrong, they hide it. If it’s somebody they don’t like and they do something wrong, they will blast it for days and days. If it’s somebody they don’t like and do something good, they will not report it. If it’s something to do with someone they like and they do something good, they will be yapping it up to kingdom come.

Like today, there’s this new Kennedy out running for congress. And all of sudden they were all talking about all the Kennedys and blah blah blah. And I keep hearing this word “Camelot” and this, that and the other thing. The guy was a philanderer and he cheated on his wife. Yet, he’s talked about like he was this great man. No – he sucked as a man. I guess he was a good president, but they make stories up and it’s a shame. If there was criminal statute, they’d all be going to jail. It’s a shame. So watch that video.

By the way, Pat Caddell who does the speech is a democratic party pollster.

Today’s Market

I do have some things to say about the market today that probably you don’t expect. Because if you turn on your regular news, you’re going to hear what the Dow did today. But I’m going to tell you what the market did today. And it’s underneath the hood of the market that matters the most. That’s where we get our clues from. Not just from say “the Dow did this or the Dow did that.” But, rather, we look at what’s affecting things and whether it’s a broad move or not.

The Dow was 77. The S&P was only up 3. So the S&P was up only the equivalent of 30 Dow points. That Nasdaq was down 3. The Nasdaq-100 was down 5. Russell 2000 was only up 2 and change. The SOX was down. Transports were up only 7. Europe was strong. Asian was decently strong.

So what’s the deal. Let me be clear. There was less than meets the eye today.

  1. This statement should be posted for anybody out there. I’m sorr, it’s never good when the Dow’s up almost 80 and the Nasdaq’s down. The Nasdaq is the leading index. Always has been. Always will be. It measures how much risk people are willing to take. The Dow is the less risk index. It’s where money is parked when things are getting worrisome. One day is not the most meaningful thing, but combined with last week, it’s just something to be watched. I’d rather have the Dow down 80 and the Nasdaq is up 3. That would be a good day.
  2. The other part of the equation today was the fact that, at one point today, the Dow was up about 160 and it finished up only 77. The S&P which was up only 3 change – at one time was up 17. That’s not the end of the world. But what that means is that they’re still distributing stock up here

We shot out of the box today. There was a bad construction number and a little better Institute of Supply Management number. And the market lifted off. But really, it wasn’t that. A Fed Head came out and, for whatever reason, must have saw the market correcting in the past week, got his marching orders from Bernanke…hey you better go out there and talk. Of course, what did he come out and say? We need to do more easing. We’re not doing enough. And that’s when things started to lift. Financials led. But came back down. And, of course, anything weak-dollar-related, like IBM goes up. IBM broke out of a pattern and hit 212 and closed 210.50. Looks pretty decent. Of course, the past 2 quarters for IBM – zero and minus 3 percent. Currency play ladies and gentleman.

Also, Gold and Silver opened strong, but pulled back in a little bit. They’re just very extended. I just have to address something. I’m continuing to get a lot of emails on the Gold and Silver. So…

  1. As long as Gold and Silver stay above the rallying 21-moving average on a short-term basis, that is nothing but good news.
  2. On a longer-term basis, as long as Gold and Silver stay above the rising 50-day moving average, it remains in good stead.
  3. Pullbacks can happen at any time, They are extended to the upside. The fact that they can’t pull them back is actually bullish. We’ll see.

Where would I add? Well I was thinking adding breaking above the past three weeks and they  attempted that today and didn’t make it. But frankly, I would rather add, if they just sit here for another or 3 weeks and pull back a little. I’ll let you know.

I want to add a couple little things.

We had a little distribution last week. Came in hot and heavy today. And they distributed the Nasdaq, the Nasdaq-100, the Russell 2000, the S&P, and a little less on the Dow. So we’ll be watching closely.

I think right this second, above here, you’ve got the soldiers with mallets. The market tries to sticks its head up, the soldiers take out the mallets and knock it back down.

So we’ll see.

Also keep in mind that in a couple weeks, a few thousand companies report earnings. And I promise you, there are going to be stocks that look great right now, that gap down or break down on bad earnings. There are going to be stocks that don’t look so great right now, that’ll gap up and break to the upside on surprise earnings.

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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.


kaltbaum email

I am not thrilled that we saw some distribution last week..but no biggie. I am not thrilled that we saw distribution into the strong early action today…but no biggie. I am not thrilled when the dow leads and the nasdaq lags like we have seen recently…but no biggie. BUT…if more distribution shows up…
Today…a few names tried to break out like GWW,DHR,EL and a few others…but most tucked their head in. A recent service pick was EL…and if the market finds a bid in here, think it will work and the service will put back on.
I just think taking a step back is not a bad thing here. Need to see some cards come out of the deck. Not saying anything bad…just that churning and distribution must be watched. See you in the A.M.

kaltbaum midday

There is an old line that matters when watching the market and that is WATCH THE NASDAQ. As I write this, the dow is up 120…but nasdaq is flat…
Just letting you know…this is not good news for the market if this continues. Pay attention. Today is a big cap, financial and industrial love fest. I never like when the dow leads…stay tuned.

IS DAVID AXELROD RUNNING THE BLS AND THE FED?

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It’s bad enough that the BLS has been taking millions of people out of the workforce over the past few years…artificially lowering the unemployment rate while job gains stink. Keeping the workforce numbers as they were when Obama became President would have the unemployment rate in double digits. It’s bad enough that these numbers have been ramped up enough over the past few months that we are down to 8.1%…hahaha. But now I read this weekend that the BLS has again added to the scam as they just made a mystery revision adding almost 400,000 more jobs that they hadn’t reported. Who in their right mind believes this crap? I am personally emailing the BLS (henceforth the BS) to ask them for this list of almost 400,000 people who had jobs that they did not know about. I am still waiting for a reply back asking for the list of people leaving the workforce. Next up…7.9% unemployment before the election. Still have not had anyone betting me on that one. Ladies and gentlemen, combining this with the Fed not even pretending any more by actually ramping up the printing of money just before the election…combining all this with the con artist national media (http://www.aim.org/video/pat-caddell-the-audacity-of-corruption/) who dare not report anything that negatively affects one candidate…and the fix is in…and in plain sight.

THE MARKET

The market has pulled back. That’s it. It has been nominal and mostly controlled and rotational as extended areas pull back. That’s it. That’s all that happened…but I continue to be constantly barraged with the talk of impending doom. These people need to read about the cart and the horse.

For sure, markets are not perfect…and there has been some deterioration and distribution. But until the recent breakout has failed…until the 1427 S&P breakout is taken out…until the DOW 13,330 is taken out…it does not pay to become too bearish. The NASDAQ and NDX are teasing their recent breakout but keep in mind, a lot of that is Apple as it has pulled in. If these breakouts are violated, we will then be watching the all-important 50 day moving average…so pay attention to these levels…DOW 13,200…S&P 1418…NASDAQ 3052…NDX 2750.

That leaves us to talk about the TRANSPORTS. Again, the transports continue to lag and badly. Many who follow the DOW THEORY are beside themselves calling for a major drop in the market. There is a simple problem with this. The transports have been lagging for quite a while. If you had put all your bets onto this theory, you would not have been in the market in recent months. You decide.

Lastly, Gold and Silver remain powerful as the nutjobs at the Fed continue to print…print and print…and will not stop. We are actually amazed that they haven’t even corrected more than a couple percent during this recent move. Gold is nearing some serious resistance. A move above and another leg up to all-time highs will be in the cards.

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.

kaltbaum premarket

Futures up as a fedhead comes out and says we need to do more easing. I am not making it up. Why would he do this?  It is because the fix is in to goose the markets into the election.
On this, the dollar has swooned…which means gold and silver will again gap up…
I DO NOT WANT YOU TO PLAY THE SILVER THIS MORNING OFF THIS GAP. I would rather wait to see if it is distributed throughout the day. I don’t like gaps. Otherwise, TSCO is again in play for a second purchase and a bunch more names that have been pulling in may start to set up again.