ONLY $1 TRILLION IN NEW TAXES? COME ON…YOU CAN DO BETTER THAN THAT!

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President Obama’s health care law raises taxes by $1 trillion, according to a new report from the Congressional Budget Office.

The individual mandate — which the CBO calls a “penalty tax,” in apparent deference to Chief Justice John Roberts — will produce $55 billion in “penalty payments by uninsured individuals,” the CBO told House Speaker John Boehner, R-Ohio, in a Tuesday letter. Of course, the framers of the law didn’t design the mandate as a tax, and so it produces less revenue than any other provision in the bill.

The “additional hospital insurance tax” is the largest tax increase in Obamacare, projected to bring in $318 billion in new revenues. According to the 2010 report from the Journal of Accountancy, this tax hits “high-income tax payers” — individuals making over $125,000 a year or households making over $250,000 a year.

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SOURCE: http://washingtonexaminer.com/cbo-obamacare-levies-1-trillion-in-new-taxes/article/2503248?custom_click=rss

MEDIA BIAS AT WORK

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BRIAN WILLIAMS ACTUALLY ASKED THIS QUESTION OF ROMNEY! WATCH! GLAD ROMNEY STUCK IT RIGHT BACK IN HIS FACE!

 

Visit NBCNews.com for breaking news, world news, and news about the economy

PURE LOGIC…SIMPLE LOGIC!

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This is why I like Bill O’Reilly. Pure logic…simple logic! I don’t know this Congressman…but here’s a guy with absolutely no logic. Imagine not wanting to report someone buying 60,000 rounds of ammunition! READ THIS AND WATCH THE VIDEO:

During Tuesday night’s edition of “The O’Reilly Factor,” the Fox News host got into a heated exchange with Rep. Jason Chaffetz (R-Utah) over the concept of Congress passing legislation that the FBI would be notified whenever anyone purchases “heavy weapons.”

Bill O’Reilly said it makes sense for Congress “to pass a new law that requires the sale of all heavy weapons to be reported to the FBI. In this age of terrorism, that law is badly needed.”

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SOURCE: http://newsbusters.org

SORRY…HAD TO POST THIS!

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 Just what the heck is going on here. And I do believe the Mayor is Jewish. How do such miserable, racist human beings get into a position of power? 

Ignoring Nation of Islam leader Louis Farrakhan’s history of anti-Semitic remarks, Mayor Rahm Emanuel on Wednesday welcomed the army of men dispatched to the streets by Farrakhan to stop the violence in Chicago neighborhoods.

Ald. Debra Silverstein (50th), an Orthodox Jew, has said it’s good that Farrakhan is “helping” in the fight against crime, “but it doesn’t eradicate the comments that he’s made about the Jewish community.”

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SOURCE: http://www.suntimes.com

kaltbaum premarket

Last night, I added in one point that we have to be aware of Big Ben…meaning Bernanke and his printing of trillions. I should have said to be aware of big Mario because the ECB President Mario Draghi, on purpose…said this earlier this morning:
 
“sharing national sovereignty on EU level to come” and that the ECB is “ready to do whatever it takes to preserve the euro.”
 
This means they are going to come out with a couple trillion of eurobonds to back all the losses. Again, more debt to hopefully fix debt…but the markets love this…so we have at least a 1.5% gap to the upside this morning. By the way, durable goods came out and they were awful…but the real world does not matter right now…it is who can conjure up the most debt. Keep in mind, Draghi is just another failure. He was a governor at the Bank of Italy for 5 years prior and watched how Italy also fell into the abyss.
 
Bottom line, this market remains unplayable. I have been telling you I would love to go short but afraid to walk into big gaps. I have told you I would love to find some longs but too many breaking down.
 
WE ARE DOING THE RIGHT THING BY SITTING TIGHT. I CANT SAY THAT ANY LOUDER OR ANY CLEARER. THIS IS NOT THE RIGHT MARKET CONDITIONS WHERE SOMEONES WORDS CAN GAP THE MARKET UP OR DOWN!
 
The good news is that hopefully, eventually, leaders will show themselves and we can play. But we continue to deal with a bunch of massive failures that caused problems with too much leverage and debt and those same people are running the show…and answering the problem with more leverage and debt.
 
Gapping up:
 
EQIX,WFM,GNC,TSCO,AKAM,WDC…those are the bigger gaps. There are a few smaller ones to the upside…like V. EQIX and V are on the leader’s list and will watch. I am putting WFM back on but am wary as it got hit hard and now gaps up. As long as it stays above the 50 day, its ok.
 
Gapping down are ZNGA,SYNC,MKSI,LOGM,SRCL. There are other stocks gapped to the downside but smaller.
 
My #1 stock is MLNX right now. Be on watch. Big gap…major acceleration of numbers…not sure of market conditions.
 
My overall…is I do not trust anything from a day to day basis. Markets remain in a wedge even with today’s gap. We are into month-end b.s so this yapping came timely. We then get the other maniac in Bernanke next week. Good luck.

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Just a few days left in this month…and may I say major indices now hanging on the ledge of a bearish wedge. That rhymes. I suspect we will get some end of month action and then have to deal with the fed next tues and wed…so will continue to go slow. I am more apt to short and for sure, not many longs left…but have to be aware of big ben.
 
IACI,LL,SWI had real strong reactions today so they will now be watched for any entries going forward. but certainly not now.
 
PCLN now showing CMG characteristics…which does not augur well as many leaders history. Will be back in the morning where maybe we can make a couple of plays but the issue is that I dont want to have to trade in the morning and trade out in the afternoon. This is just a crappy environment and a lot of our success is recognizing that,

THIS MAN HAS GRAPEFRUITS TO COME OUT AND SAY THIS!

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Hypocrite to top all hypocrites!

Who is Sandy Weill? He is none other than a retired Citigroup Chairman, a former NY Fed Director, and a “philanthropist.” He is also the man who lobbied for overturning of Glass Steagall in the last years of the 20th century, whose repeal permitted the merger of Travelers of Citibank, in the process creating Citigroup, the largest of the TBTF banks eventually bailed out by taxpayers. In his memoir Weill brags that he and Republican Senator Phil Gramm joked that it should have been called the Weill-Gramm-Leach-Bliley Act. Informally, some dubbed it “the Citigroup Authorization Act.” As The Nation explains, “Weill was instrumental in getting then-President Bill Clinton to sign off on the Republican-sponsored legislation that upended the sensible restraints on finance capital that had worked splendidly since the Great Depression.” 

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SOURCE: http://www.zerohedge.com

 

 

 

 

 

 

 

 

MORE FED SHENANIGANS AND APPLE

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In plain sight, the @&#@& on Wall Street. conveniently floated a story about the Fed, once again, printing money to save the day. Of course, this B.S. was released late in the day…on a very bad day…which in turn goosed the market into yesterday’s close. They don’t even try to hide their manipulation any more. These people are very lucky I do not run the SEC. Keep in mind, the only goal is to keep markets from dropping.

Forgetting a second the “in plain sight” fraud (which has been occurring more often), markets remain in range with a bias to the downside. If the range is broken to the downside, expect some nasty…regardless of the Fed. I gave you the important support levels in my previous report and will update them as we move forward.

The market is sick here…and needs a big save. I am not so sure another round of money printing will do the trick. Keep in mind, the fed has been printing, is printing and will not stop printing. It is a farce to even report they are thinking about more of the same…as nothing has changed. And if the market wants to go lower, it will go lower anyhow. There will come a time when the market realizes all this nonsense by the Fed leads to nothing but a gigantic bond bubble…a bigger bubble than what we saw in 1999…but that’s for another day.

As far as the almighty Apple (AAPL), which missed numbers for the 2nd time in 39 quarters but interestingly enough, the 2nd time out of the past 4 quarters…just be careful. Great stocks do not die overnight and there is a case that numbers were down because of consumers waiting for the next iPhone. But think logically. There will come a day where unless the iPhone can be waved over a bald head to cure male pattern baldness, there will be a day where the upgrades become less and less important. As of now, Apple stock is doing nothing more than tucking its head into a 4 month trading range…and is just breaking the 50-day average. I do recognize that just about everyone who wants to own the stock, already does and the big money crowd remains loaded. So any more suspect numbers could turn this drop into something of more import. Will keep you apprised.

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

Another planting of a story, fake or not, saves the day for the market yesterday and enables futures to be up a wee bit this morning…though NASDAQ futures down because of AAPL.
 
Forgetting the “in plain sight” fraud, markets remain in range with bias to the downside out of this range. If the range is broken to the downside, expect some nasty…regardless of the fed.
 
All this noise prevents me from shorting right now. You saw what happened yesterday in just a couple of minutes…and I refuse to walk into a fed-induced gap being short…so we sit, relax and let everyone else get carved up.
 
 
I just got in as I had early meeting and will email you midday if anything happens.
 
TRIP,AAPL,NFLX,BWLD,LO gapping down.
 
 
CAT and BA really helping DOW on open. RVBD,LL, TPX,ALXN,BRCM,JNPR gapping up.

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Last I looked, AAPL was down over $40…but futures not down much for s&p. Of course, ndx futures hit.
 
In plain sight, the %#&@ on Wall Street AGAIN float a bunch of b.s. with a few minutes to go in the market in order to save the market. Where are the cops? In any case, the market is sick here…and needs a big save. I am not so sure another round of money printing will do the trick. Keep in mind, the fed has been printing, is printing and will not stop printing. And if the market wants to go lower, it will go lower anyhow.
 
I want to see how the AAPL thing plays out tomorrow. But other than aapl, I dont like what I am seeing. I will have more in the morning.