12/14/2011: GARY ON NATIONALLY SYNDICATED INVESTORS EDGE RADIO BROADCAST

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https://archives.warpradio.com/btr/InvestorsEdge/121418.mp3

JUST LETTING YOU KNOW…

From February to March, I started warning you of an impending top. I had the reasons. I told you what I was seeing. I started with the financials and then the semiconductors.

We went through a real bearish market, culminating with what I consider to be a crash...except it happened in 8 days instead of 1. And then we had the most wild action from August to October,..I think we had about 6 or 7 10% moves.

October 4th, we had a washout day. I told we were going to rally, and we did rally up strong.

But something happened on the way to that rally.

As I told you on many days — NO LEADERSHIP, A LOT OF THINGS STILL LAGGING, FINANCIALS IN A BEAR AND MANY OTHER THINGS IN A BEAR. Small caps really laboring badly vs. the larger caps...and on and on and on.…

And so we got hit into late November...November 25. And then we had those big gaps to the upside. That was based on a couple announcements from Europe…that they were going to “save the world.” And as we rallied up, still no leadership.

Yesterday, I came on the show and said we just dropped for a couple days and normally a drop of a couple day is no biggie. I told you yesterday, there was a bearish consequence and I thought the market was acting very bearishly. A lot of stocks starting to break support.

You had Gold breaking something that has held since January 2009, and nothing has changed. The market acted even more bearishly today.

And the interesting part of this equation: It is happening in period of what is supposed to be seasonal strength from Veteran’s Day till New Years.

Now, very simply. They can start rallying this up. It can it happen. I don’t see a reason that it couldn’t. But any rally up will contain a clear lack of leadership and not much to do.

My big worry has been December...it was come January. But the market’s not even really waiting right now and today, they started to come after anything that was holding up.

So the best way to explain it..I just think it’s very bearish action. I told you that yesterday and I say it again today. In the short-term, we could walk into a good up day — a gap for all I know. Anything’s possible.

BUT THE BIG PICTURE IS SIMPLE: THINGS ARE WORSENING. And I will leave it at that for this second.

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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.