JUST LETTING YOU KNOW
Yesterday was an up day for one of the indices.
Today was an up day for all of the indices. And I’m getting all these emails already asking: “Do I think the low has been put in.”
And I must tell you that scares the living heck out of me. When people are asking me this because of one day up, that is worrisome.
It seems to me that there’s anxiousnous and no worry about going on in the markets right now. We’ll see. All I know is that we’ve had ugly moves down and we’ve rallied up for two days on lighter volume.
I’m sorry that is not a good recipe for a good market.
If we can get a Follow-Through Day (FTD) and get some leadership, I’ll be glad to be on board.
Ladies and gentlemen. Get the books that I tell you to study. Do the things I tell you to do. I don’t want this to be a radio show that’s only about “Gary said this. Gary said that.” You guys should be doing some work at this. It is your money.
Just to make sure you know…nothing has changed. We’re bouncing up after a big drubbing which is normal. I don’t have any new stocks to put on my leadership list. All I have is things bouncing after a drubbing. AND on lighter volume. Not good.
In order to get the least bit excited, we need to see a FTD, but I’m not even sure that would do the trick because you really do not have a lot of good setups in the market. You need a lot of good trading range bases. And the volume patterns are still what I consider to be yuckified.
So that’s the take on the market overall.
- The Nasdaq did a smidge back above the 200-day moving average today.
- The Nasdaq-100 held it yesterday.
- The Dow is still below it.
- The S&P is on it at the close today.
- The Russell 2000…still below.
- The NYSE…way below.
- The Semiconductor Index…way below.
So I wouldn’t get excited again.
If things change I will let you know. My guess is that there will be some more time and price.
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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.