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.