kaltbaum midday

I wanted to wait until Bernanke stopped yapping before writing about today. It is only midday but have a few thoughts:

I refuse to watch and listen to Bernanke but I amm told he didnt really talk about more QE. Let me be clear. Bernanke WILL CONTINUE TO PRINT MONEY FOREVER. This is who he is and what he is about. It is insane to do what he is doing because the repercussions will be horrible down the road but he knows markets love it. Please do not listen to the nimrods who think by not mentioning it, that he has stopped.

As far as market, I am a tweener…neither bull nor bear. THERE IS STILL NO FOLLOW THROUGH DAY so be careful. Also, I am not enamored with the charts in many areas…and frankly, remember I told you that on rallies, many shorts will set up? Well…many names are now heading into those resistance areas. So while I gave you a list of leaders, into the weekend, I will give you a list of uglies for your review.

I have sneaking suspicion that this market will continue to be a massive pain in the ass. The best thing you can do is drown out everything and look at the pictures. They usually do not lie. The news is fluid and on a daily basis, we have to deal with the assclowns that run the show. That’s ok as the market will decide everything.

We’ll see how it finishes but gold is being smoked today. A few too many people emailing me telling me I should be bullish. For me, if gold follows the 70s, it has some more time and price before the final humongous blowoff top.

Lastly, nothing happening with the growth leaders today…just sitting. The bulk of today”s move is the down and out stuff that was way way down. Also, defensive utilities remain very strong.