Coming into the weekend, I was paying more attention to my list of leaders more than market…but always need a follow through day to really start buying. While last week was good action, a ftd was not included. But…there was anticipation of another ” EUROPE SAVE!” Well…this time, Spain received over $100 billion euro to save their banks. Funny, I thought it was Greece that needed saving. It should be obvious to all that debt is killing Europe and it is killing the U.S. The only reason the U.S isn’t worse is because we have maniacs running the show…that print money and just create more debt. Time will tell if this debt bubble blows up. It certainly is happening in Europe. But in the short run, markets love money printing. Markets love more debt…and as I write this, the market loves that Spain was given over $100 billion more in debt to fix the problem caused by debt. HMMMMM! Dow futures are up 145…but of course it can change over night. There is no way I am giving you out any plays on a gap like this. I need to see if it holds or if it will get sold into. So…here is the leader’s list with updated notes. You will see I put aapl back because it is about to break back above the 50 day.
AAPL-tracing out very nice base here. Real strong considering how far it went up.
AMZN-held 50 day on recent pullback but lots of resistance into 233…with shaky earnings.
ALXN-basing since March…somewhat suspect base but very good r/s. Needs to leap $95.
BBBY-holding 50 day on every pullback as it ascends from strong earnings move in April.
BIIB-rallies back above 50 day which it has held for months.
CRUS-holds 50 day on harsh pullback…almost back at highs.
CERN-pulls back into the 50 day and holding. Bullish wedge.
DDS-holding 50 day again on Friday..
DLTR-teflon stock gaps down…and right back up into new highs.
EBAY-holds 50 day and back in base formed from last gap to the upside.
EXPE-new highs…strong r/s…accelerating numbers off big gap.
GNC-holding 50 day here…not by much.
MNST-really strong holding 21 day as it ascends.
PETM-strong reaction to numbers…and moving out of flag. New high.
ROST-another discounter refuses to buckle-reverses back above 50 day and ascends…new high.
SHW-never thought a paint stock could be this strong.
SWI-holding 50 day.
TRIP-same group as EXPE…basing between 40 and 45.
TJX- another holding 50 day all the way up…another discounter.
UA-breaks into new highs from 12 week base. Volume only 20% better.
ULTA- back above 50 day off numbers…needs handle.
WFM-ascending bases above the 50 day…almost breaking out.
On the service is DLTR long and BHI short. The short was working. We’ll see what happens tomorrow.
Gary Kaltbaum owns Kaltbaum Capital Management, LLC (“KCM”), an investment adviser registered with the U.S. Securities and Exchange Commission. The advice provided through Trading Markets.com is not necessarily the advice that KCM follows when managing client portfolios. Therefore KCM often acts on behalf of its advisory clients in a manner not consistent with the recommendations provided in this publication. 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. Employees and clients of KCM may invest in securities discussed through this publication, however if a security’s technicals change, KCM will reevaluate its position and may sell part or all of its holdings prior to communicating the change to subscribers. 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.