JUST LETTING YOU KNOW…
On November 14 and 15, I told you that any day we’re going to break either up or down from a triangle. At the time I really didn’t know whether it was going to be up or down. But I did know:
- Many areas were still bearish
- Leadership was nil as I would read off to you the “new high” list.
And then we had a bad down day on November 16th and on November 17. But little did we know that we’d get what we’re seeing now, which is a meltdown from that triangle. And leave no doubt, this is an ugly down move.
In six days, we went from 1260 to 1160. Last I looked that’s a good 8%.
And today was no help. Seasonal strength or not, if we get a rally into the end of the year, it’s going to be off of lower prices. The Euro is now sinking, the dollar is getting stronger.
My take? This is not a correction off of a move up. THIS IS A BEARISH MARKET. And you’ve got to respect it.
The market has tipped its hands. Leave no doubt about that. Not good news.
Every major average is below the 200-day or below the 50-day moving average.
And the curtain’s coming down. In bearish markets any losing company will get slaughtered.
This Saturday, watch me on Fox News Channel — Saturday at 10:00 a ET.
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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.