10/16/2012: GARY ON NATIONALLY SYNDICATED INVESTORS EDGE RADIO BROADCAST

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https://archives.warpradio.com/btr/InvestorsEdge/101618.mp3

JUST LETTING YOU KNOW

When you have a chance, go look at a chart of the S&P 500. All that happened here was that the market got extended, pulled back into the 50-day moving average, sat on it for a day and a morning and rallied off of it.

The Dow did the same thing.

The Russell 2000 got a little below it and is a little above it…still lagging vs. the big cap brethren, but doing better.

 

The Mid-Caps, back above the 50-day also.

The Nasdaq is a smidge back above the 50-day on an accumulation day.

 The Nasdaq-100 is still a little bit below.

And, of course, look at Apple, which is really the big influence and you’ll see how it held at that 625 level for the past few days, moving off of it today, closing at 649. Volume kind of picked up. They report earnings in about nine days. It also held the prior little move move around that 620 level and that was key today.

 

I also add the Semiconductors. The Semis found a place. Started rallying up today. Still a mess. Tomorrow, you’ve got Intel which will be down on the open tomorrow. You’ve got Linear Technology which will also be down on the open. The numbers stink. But I wouldn’t be surprised if they reverse them to the upside tomorrow. That’s what’s been happened over the past couple of years in Semiconductor land. The stocks get smacked in front, knowing numbers are going to be bad. They get hit in the aftermarket or on the open and then they reverse. I would not be surprised.

In the Commodities, I just wanted to point you to a couple of things. XOP is the oil explorers. It held the 50-day and rallied off of it.

The XLE, the bigger oils, rallied right back above it.

And the OIH held support and is now moving up.

Financials were somewhat of a mixed back today. Some good action. Some not so good. I can tell you that some of the regionals are acting poorly. Wells Fargo was not acting well. PNC bank breaks down today. But action in Citigroup is pretty good. JP Morgan is pretty good in here.

So again, let me repeat what I said yesterday. If that 50-day moving average holds, the market remains in shape. That’s the market and there are still plenty of stocks that are struggling. A lot of the names over the past couple of weeks have broken support and/or moving averages. And we need to recognize that this is no time to throw the darts.

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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.