WHO IS CONTROLLING THIS %#@$%#%?
Earlier today, I wrote to you that I thought the market was due for a bounce. After all, everything was so stretched to the downside, the talk of a bear market filled the air while many were heading for the doors. At 315 pm, the market was being trashed again. I was asking myself…”Gary, why do you need to talk short term c–p?” At that point, the DOW was down another 200, Apple was being smoked and another bad day was at hand. As I write this after the close, in 45 minutes, the Dow went up 378 points and the Nasdaq went up 104 points.
The news; a supposed bad bank is being created for the problems in Europe. Yikes! I am just letting you know that these moves are sickening me…and I am one who has been on the right side of things. I don’t know who is controlling things, who is pushing the buttons or what computers are doing what. I just know this is not good for the long-term confidence in the markets.
Getting past that, I am considering today something akin to a near-term washout as the lows were undercut and then got back above. This serves to get rid of many late sellers. I gather questions will again be asked on whether this is the low. I will simply say it is A low…but don’t blink. This is going to remain a ridiculously over-the-top proposition to play as another ugly day turned into a very good day in less than 45 minutes. Bets on tomorrow?
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.
S&P LOWS
8/08 – 1120
8/10 – 1119
8/19 – 1123
8/22 – 1123
9/22 – 1129
10/4 – 1123
Weird stuff – with the exception of yesterday’s low of 1099 – the other 6 S&P lows are listed above. Too weird to be coinsidence. How weird that today the market went nuts the last 30 minutes and brought it back to 1123 to the dollar!! I mean why exactely 1123 – what the heck. I think this is no coinsidence at all. Call it a conspiracy – but there is something going on at 1123-very odd it came back exactly to this level. Who is doing this?
You are forgetting this week’s big political speech that threatens what could happen if the job bill does not get signed.
Look at S&P,DOW, Russel and Transports vs 2010 high on monthly chart. Tell me if you see what I see possibly setting up. If the market indexes decide to retest 2010 low, it will be more clear.
If I can see it, and if you can see it then I am sure that the advisors for “never let a good crisis go to waste” can see it too.