75% TAX RATES SHOULD HELP!

[email_link]

The number of unemployed people in mainland France surpassed three million for the first time since 1999, new labour ministry data showed Wednesday, as French President François Hollande prepares to unveil his 2013 budget this week.

French unemployment topped three million for the first time in over a decade, data showed Wednesday, as the country faces a yawning budget gap like those plaguing its southern eurozone neighbours.

The number of jobless in mainland France swelled to 3.011 million in August, 23,900 more than in July, Labour Ministry figures showed, the first time since 1999 that the figure has breached the three million mark.

Some 4.494 million people, including some who are partially employed, have registered themselves as actively looking for work on the French mainland. This is 40,800 more than in July and a record since the ministry began collecting comparable data in 1991.

Continued

SOURCE: http://www.france24.com

HEADLINE OF THE MORNING:

[email_link]

U.S. equity futures have rebounded following the release of disappointing economic data!

Yes…we are now in a time where continued bad news equals good news for the markets as markets believe there will just be more money printing whenever news is bad. There was actually talk of QE3.5 this morning. No…I am not making this up.

Durable goods numbers this morning…to be nice…were recessionary. Hopefully, it was just a one month seasonal issue…but those were some bad numbers. Pay no attention to any employment numbers right now as the next one will print 7.9% as they rig the numbers into the election. Anyone want to bet against me on that 7.9%? All they have to do is take 500,000 more people out of the workforce…and am sure they will. Still looking for that list of names who keep leaving the workforce.

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.

I CANNOT WAIT TO READ THIS BOOK. DID YOU THINK THERE WAS ANYTHING DIFFERENT GOING ON?

[email_link]

Tim Geithner, the US Treasury secretary, acted to shield Citigroup’s bondholders and management from accountability at the height of the financial crisis while taxpayers were left on the hook, a former US bank regulator has alleged.

Sheila Bair, who served as chairman of the Federal Deposit Insurance Corp during the crisis and its aftermath, levelled fresh attacks at Mr Geithner, the Obama administration, fellow financial regulators and bankers such as Vikram Pandit, Citi’s chief executive, in a new book that has laid bare policy disagreements of the past few years.

Continued

SOURCE: http://www.ft.com

kaltbaum premarket

Here is the headline I just read:
 
U.S. equity futures have rebounded following the release of disappointing economic data!

 
It’s almost too funny. Crappy economic data makes markets go up. Yup…there is actually some speculation of QE3.5…no I am not making this up.
 
The real story overnight is China now pulling a Bernanke…so markets are up. But for me…it is end of quarter in the next two days…and market was due to bounce. No matter what has happened in the past few days, major indices are still above their recent breakout…and more importantly, above their 50 day moving averages. If the breakout gets taken out and more importantly, the 50 day…then things get interesting…but until then, one cannot turn bearish…but one can be a little worried about the recent action.
 
Nothing to add this morning as the recent smack to the downside may change things. At the very least, it has become a tougher proposition in past days. But I will never underestimate what these central banks are doing…so again, until the 50 day gets taken out, careful about becoming overly bearish.

kaltbaum email

A few things to cover:
 
The market should bounce from here. I say this because the worst areas like the XME reversed today but more importantly, the crooks will paint the tape into the end of quarter. Of course, that is illegal so it really doesn’t happen.
 
BUT there has been internal damage with plenty of stocks getting hammered and fewer and fewer stocks working. I try not to go further than today but if the bounce is anemic, expect selling to show as indices rally back up some.
 
There is nothing to do this second…except to let this play out. I will know market is in trouble even further if markets open up strong and fade. That is a characteristic of a market getting into some trouble.
 
My other thought is not technical. My other thought is that this whole rally has been on news of money printing by everyone…even a word about it lifted markets. Now that all that news is out, what’s left? That is an interesting question going forward…
 
There are no additions tonight. Frankly, most breakouts have tucked back in while many names have been breaking. I told you to sell half the AMZN and KORS this morning…and will now watch to see if they can reassert themselves.

IS WASHINGTON NOW RUNNING THE NFL?

[email_link]

Some of the replacement referees working for the NFL — the nation’s most lucrative sport — aren’t even good enough for the Lingerie Football League, it was revealed on Tuesday. 

The LFL, which fields women playing in bras and skimpy underwear, announced that it had fired several of the referees now calling prime time NFL games for ‘on-field incompetent officiating.’

The announcement came as a result of a botched decision made by the replacement refs who ‘robbed’ the Green Bay packers on victory and awarded it to the Seattle Seahawks on Monday night.

The NFL said on Tuesday that replacement referees made the wrong call by awarding a touchdown for the Seattle Seahawks at the end of Monday night’s game — but said the botched ruling, and the team’s deeply-contentious victory over the Green Bay Packers, still stands.

Continued

SOURCE: http://www.dailymail.co.uk

kaltbaum email

There is not a thing I liked about today’s action. I think the only good news here is that we are into end of month and end of quarter…so may get window dressing. But October looms…and not sure there are any countries left to print money.
 
Transports gross…semis caving…reits top and a lot of chart breaks…already.
 
There is a reason I havent added much in past days…and it is just this. So we sit and manage…and let this run its course. I do not believe this is going to be just one down day.
 
KORS does secondary…which didn’t help…and market may no longer be a help…so I think you sell half here…and do the same with AMZN.
 
You have your stop on HFC just below $40.
 
TSCO looked ready to move higher today but the market put an end to that. Use a 95.40 stop.
 
Corrections are normal. I am not in the camp of a big correction but you never know. Heading into earnings season, just not sure how good the numbers going to be and with the fed already showing its hand, not sure of the ammo going forward…but you never know.
 
I am out tomorrow. If something big happens before open, someone will send you report. Otherwise, no premarket.

09/25/2012: GARY ON NATIONALLY SYNDICATED INVESTORS EDGE RADIO BROADCAST

[email_link]

http://archives.warpradio.com/btr/InvestorsEdge/092518.mp3

JUST LETTING YOU KNOW

A Wake-Up Call

Very simply, what we do here is interpret markets by looking at the underlying action and then when something occurs, we react to it and let you know about it.

Sometime when we put in lows in the market, it’s sometimes short-term, sometimes intermediate-term and sometimes longer-term. When we put in highs, they are just sometimes short-term pullbacks and sometimes they are more than that.

You never know. You just deal with it as it comes.

And recently, I have simply telling a couple things.

  1. As long as the recent breakout holds – good news.
  2. But on the other end of the spectrum, you have the awful action in the Transports and the Semiconductor index. And we have to weary if Distribution starts to rear its ugly head. The definition of Distribution is a “heavier volume down day.” And typically the worse the down day is, the worse the distribution is. And you never know when and at what price it’s going to come from.

Now markets usually do not top out badly on one Distribution day. There’s usually a few and there’s usually a little bit of churning in which the market trades with no progress. And then, you fall below near-term support levels.

And then you see what comes next.

Today is one day.

Shorter-term support – I’m talking very short-term support – was kinda taken out today on the downside, with volume, indicating a Distribution Day in the market.

Let me define that for you and I: A Wake Up Call.

They’re starting to distribute the market here a bit. I use the term “market” because that’s what they did.

The other part of the equation is, we know for a fact, why the market has recently gone up. It’s because there’s been a direct correlation on the big up days with the announcement or the actual printing of money by our Federal Reserve, European Central Backs, Japanese Central Banks, China and India and all these other countries. Easing.

And we’ve told you, we’re not so sure that’s good long-term, but we’ll let the market decide. So to put it in headlines:

  • Distribution Day for the Market
  • Wake Up Call

You probably you want to take a little step back and should be looking to more than likely cull weakness. If you have stocks that have not participated, I’d review. If you have stocks that are actually breaking down here. I’d review. You want to own the best of the best and the stuff with the strongest relative strength in the market.

I’m just stating the facts. Distribution day and, near-term the market may have hit a little wall. Notwithstanding the Fed may announce another $trillion tomorrow in money printing.

That’s the take.

  • Now underneath the surface is another story.
  • As we have told you, the Transports have acted like the Mets bullpen.
  • For a while now, many Semiconductors including Intel (INTC) have been acting terribly.
  • The Commodity areas were rolling over again.

So underneath the surface, we already started to see some issues that I told you about.

So at this point, the best way I can put it to you is, now we’re find out in the day ahead, what this little churning and today’s Distribution means to the market.

And that’s it.

Me? I’m going to step back. I’ll cull weakness and I’ll start thinking about anything I think that could potentially be on the sell side. That’s me. It doesn’t mean it you. Decide for yourself.

I just know these markets have been waves, fits and starts and you never know what’s next. Keep in mind we have the end of the quarter. We’re 40 or so days from the election. In October, we have a massive earnings season. I do not believe it’s going to be good. That does not mean that market gets hit on that as there are other things working on the market.

But just keep it in your file manager.

LISTEN TO GARY LIVE ON WEEKDAYS 6-7 PM ON A STATION NEAR YOU AND AT GARYK.COM

6-7 pm EST

Best of Investor’s Edge
Saturdays 1-2 am EST

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.


NEXT UP…PAY TOILETS ON AIRPLANES

[email_link]

U.S. airlines collected more than $1.7 billion in baggage fees during the first half of the year, the largest amount ever collected in that six-month period.

Delta Air Lines Inc. once again claimed the title as the airline collecting the most in baggage fees: nearly $430 million from January through June. The slightly larger United Airlines _ part of United Continental Holdings Inc. _ followed with $351 million in bag fees, according to the Bureau of Transportation statistics.

Continued

SOURCE: http://www.breitbart.com

PICTURE OF THE DAY!

[email_link]

Embedded image permalink