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Fortunately, AAPL keeps on…but V almost reversed. Not a great sell. I really have nothing to add after sending you leader’s list. There is just not much here to do….AND several thousand names report soon. There is no way market goes higher without semis/tech…and right now, that aint happening. Wish I could give you more but I dont take what is not there.

THE TITLE SHOULD BE…

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The title should be “Obama calls for raising taxes on anyone making over $250,000/year to pay for the things he already spent money on.” Read this:

Washington (CNN) — President Barack Obama revitalized his push for holding down middle class tax rates Monday, calling on Congress to pass a one-year extension of the Bush-era tax cuts for people earning less than $250,000 a year.

In a White House statement delivered while people described as working Americans stood behind him, Obama said his proposal would provide the certainty of no tax increase next year for 98% of Americans.

Noting that Republicans seek to maintain all of the Bush tax cuts enacted in 2001 and 2003, Obama said both sides therefore agree on extending the lower rates for middle class families.

“Let’s agree to do what we agree on, right?” Obama said to laughter and applause in the East Room. “That’s what compromise is all about.”

Continued

SOURCE: http://www.cnn.com

BETTER LATE THAN NEVER…CORZINE AND MF GLOBAL! AND I MEAN MF! WATCH THIS VIDEO

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YA THINK!

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 A new report says wealthy Maryland residents may be moving out due to recent tax hikes – a finding that is sure to escalate the battle over taxing the American rich.

The study, by the anti-tax group Change Maryland, says that a net 31,000 residents left the state between 2007 and 2010, the tenure of a “millionaire’s tax” pushed through by Gov. Martin O’Malley. The tax, which expired in 2010, in imposed a rate of 6.25 percent on incomes of more than $1 million a year.

Continued

SOURCE: http://www.cnbc.com

WHAT COUNTRY ARE THE OTHER 35% LIVING IN?

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Two-thirds of likely voters say President Obama has kept his 2008 campaign promise to change America — but it’s changed for the worse, according to a sizable majority. 

A new poll for The Hill found 56 percent of likely voters believe Obama’s first term has transformed the nation in a negative way, compared to 35 percent who believe the country has changed for the better under his leadership. 

Continued

SOURCE: http://thehill.com

KALTBAUM UPDATED LEADERS AND NOTES

AAPL- Leading again…rounding a cup pattern…but 5th stage base.
AMZN- Riding up 50 day…a little slow and crappy earnings.
ALXN- Pullback mode after breaking out.
BIIB- Again strong…nowhere to buy…blah numbers.
CRUS- Pulling into 50 day…needs to hold it. SEMIS very weak group.
CERN- Now trading a little wide and loose…had better hold the 50 day.
DLTR- At 50 day…not thrilled with bearish wedge just above 50 day. A break below and bye-bye. Late stage.
EQIX- held 50 day…acting fine as it rides it up.
EXPE- Strong…just basing again. No place to play.
EBAY- Holding near 50 day…lost some steam.
MNST- Sitting on 50 day…a little sloppy here. Needs to hold.
PETM- Very strong…no place to enter.
PRGO- very extended here.
ROST- Held 50 day on numbers. Late stage group.
SHW- continues to ride 50 day but no place to enter. Pulling back into it right now. Already big move.
TRIP- Slowly into new highs.
TJX- Moving into new highs here…but have to watch group.
ULTA- Holding 50 day…basing just above it.
V- Pulled in hard today but holding 50 day so far. MA also blasted…with wide and loose pattern.
WFM- still strong…nothing to do.
 
 
Homebuilders continue to act great…new highs in LEN,MDC,MTH,PHM,SPF,RYL,TOL. Extended from recent move.
 
Needed to mention a couple others.
 
HD basing just above 50 day.
QCOR into new high ground on sales numbers this morning but one drug company.
FB…actually now starting to trade well and putting in a handle here. Valuation a joke but…

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V is a failed breakout…and especially looking at MA…sell V. Fortunately, AAPL continues to work well.

kaltbaum pre market

Futures down a wee bit.
 
AAPL stop is if it breaks below $600….keeping decent gain. V and MA downgraded to a SELL by an analyst. Never thought they had sells. V down over 42. Will let you know as it opens below pivot making it a potential failed breakout. In this environment, we will give little room.
 
Sitting on hands today. Overbought market sold at resistance on Friday. I mentioned last night what was working…and tonight will give you list of leaders.
 

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Back in the USA. I get to drive in traffic tomorrow instead of cruising the Mediteranean…whahhhh!
 
IF the market is going to have a much better move from here, than why did the clouds crumble on Friday? Why did the semis croak? Why did software and a lot of tech get smoked? Just questions I ask myself.
 
Leading groups are housing, utilities, food, drugs, beverages, household products, reits…and I like the way airlines are setting up because of lower oil and the discount retailers popped again off of better numbers for ROST.
 
This tape is a pain in the rear…and that’s the way I will continue to treat it…very carefully as the moves are sudden and you never know when you are going to get gapped. Tons of earnings starting next Monday so be prepared.
 
Not adding anything tonight…but I am not thrilled I havent played the housing yet which is the #1 group right now. I will have list of leaders and updates on them tomorrow.
 
Service has aapl and v right now. Fortunately, aapl having a decent move.
 

IRONIC PICTURE OF THE DAY

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