1250-1280 S&P MAY BE A WALL

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Take away all the noise. Take away the resignations in Europe. Take away the TARP. Take away the printing of money. Take everything away. The most important thing I am seeing right now is a potential wall being built at the 1250-1280 S&P area. Take a look at the vicious selling on 10/31 and 11/1 combined with today’s early action and you have nothing more than the potential for serious resistance shaping up at these levels. If that’s the case, I expect to see some tough sledding in the near term. Already, I am seeing some of the weaker areas shaping troublesome charts. Nonetheless, this market is going to remain a tough proposition on a daily basis. That has not changed.

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.