While you are watching these impeachment hearings, just remember that those that are asking questions from both sides of the aisle are all culpable in taking us to $23 trillion of debt and $1 trillion yearly deficits. The first $500 billion of OUR tax dollars are going towards interest this year on all that debt they have created but don’t worry because economists say it is the percent of debt to GDP that matters. Yup!

Bet you haven’t heard much about the MILLIONAIRES SURTAX ACT. Last week, Maryland senator Chris Van Hollen and Virginia Congressman Don Beyer unveiled it. The bill puts an extra 10% tax on individual income above $1 million or $2 million for married couples. This tax would apply to all income, including long term capital gains. Right now, no chance of passing but important to remember where they will go if they gain full power. This is just a shot across the bow. Looks like $4.5 trillion of spending is just not enough.

For the past week, we have told you that all our sentiment indicators are bright red bullish. This usually leads to some downside corrective work because the masses were all in on a near-term basis. Keep in mind, this will not turn a bull into a bear but corrections serve to work off near term excitement and frothiness. Putting doubt back in the market is not a bad thing. We think there is a shot we are now getting some of that stalling action that could lead to some near-term weakness. Leading groups, FINANCIALS and SEMICONDUCTORS are quite extended and could use some pulling in. Again, we think any pullback at this juncture would be just that. But…

Keep in mind, Ben Bernanke, we mean Jay Powell, is providing more liquidity to the system than Bernanke did when we were at 9% unemployment and the economy was in the crapper. Of course, it is QE but not QE. This kind of liquidity has been great for markets both here and around the globe since the lows of 09. We laugh when we hear fedheads talk about sitting pat on lowering rates again when what they are doing is easy money on steroids.

With 90% of S&P companies reporting, earnings are down nearly 4% year over year but hey, a good percentage of companies beat the number. We are seeing a good number of companies see their stock skyrocket even though earnings, sales and future guidance is down. CATERPILLAR (CAT) looks to be a good poster child on this.
Go look up what the new district attorney of San Francisco, Chesa Boudin is doing for that great city. Actually, doing TO that great city.
BEYOND MEAT (BYND)…Remember what we told you when it had a larger market cap than Conagra (CAG) even though Conagra owns a ton of major brands, does a ton more sales and actually makes a ton of money. Beyond Meat loses money. The stock has now dropped from a high of  $240 TO $78 AND still has a $4.8 billion market cap.
The Knicks…ok stop. The Giants…ok stop.
The 17th Annual Kaltbaum Family Blessings Banquet will be held Wednesday November 20th here in Orlando, Fla. We will be serving 400 great kids from the Boys and Girl’s Clubs of Central Florida a great Thanksgiving dinner. Through the years, over 5,000 meals have been served. World renowned magician Kostya Kimlet and others will be performing. If you would like to volunteer, email us at gkaltbaum@kaltbaum.net.
4 replies
  1. Avatar
    Butch says:

    It is not about $4.5 trillion of spending not being enough.
    It is about punishing the achievers out of sheer jealousy.

  2. Avatar
    anti semite says:

    Brain .. on Gary’s random thoughts:
    We have .. 23 trillion in national debt.

    Debt only matters, ..when the minimum payment ( on that debt ) cannot be paid .. and USA can still pay the minimum, .. so there is no sense in worrying about it.

    Besides .. in the long run, ..America’s national debt, ..is the bank’s problem.

    Millionaires surtax act.

    He .. ( He of vast wisdom. ) .. has discusses this before.

    An egalitarian society, ..cannot allow .. “the few” .. to accumulate Unlimited wealth.
    Unlimited wealth is unlimited power.

    Unlimited power .. translates into unlimited political power .

    Unlimited political power .. allows for unlimited political corruption.

    And unlimited corruption .. leads to the destruction of egalitarianism.
    Brain..We can fight the rich with higher taxes now .. or we can fight the rich with bullets later.
    Gary The market:

    Brain .. ya whatever.

    Brain the market:
    This market is overdue for a pull back..,

    butt the big indexes are above the 50 day..,

    and the fed is printing faster than hell..,

    so don’t worry about it.
    Gary earning are slipping:

    Brain .. the market is not about earnings, ..the market is about the fed .. ( How much money is the fed printing .. and how fast is the fed printing it ?)
    Gary the knicks:

    Brain .. again with the Knicks !

    Brain .. wake me up when you talk about .. luge racing .. pole vaulting .. or ski jumping.

    Kaltbaum family blessings banquet:

    Brain .. it’s a sinister Jewish plot.

    The kaltbaums want to be see as “kindly Jews” .. then ..when humanity rises up, and fully implements .. ” the final solution..,

    the Kaltbams want not .. to be “rounded up.”
    Brain .. the plot wont work Jew boy .. next time humanity holds a .. “kristalnacht..,” .

    the Kristalnacht will be global..,

    and humanity is going to..,
    fill the boxcars..,


    every one of you.

  3. Avatar
    Victor says:

    I don’t think the Dems hate this President. Draining the swamp it’s what hurts. No more Bidens, Clintons, Pelosis and the rest of them including war loving Rinos sucking the life out of the rest of us and enriching themselves as well as their families and friends. President Trump is the antidote to corruption and I’m sure he’s seen it at every level while building his realty business. Every one wants a piece of your success without merit. I’m not rich, I’m still working for a corporation and all my life up to 70 and sometimes 80 hours a week. Hopefully I’ll be able to retire at 65, the people that make a lot more money than me deserve it, not because they worked harder than me but because they risk it all to achieve it. Hating a class of people rich or poor, believers or non, colored or white, it’s communist. I believe that soon the budget and spending will be in the agenda. That alone scares the heck out of those entitled mutts in Congress.

  4. Avatar
    Victor says:

    Gary, bless your hart and all of those attending Thanksgiving!
    Thank you for spreading your charitable spirit.

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