I am already being asked if this is THE low. Let’s hope. For now, I see it as a low in the short-term.  Won’t go any further yet. Yesterday I told you the 200 day was providing support into the quarter-end window dressing period. As of this second, the support is now stronger. While major indices are only a couple of percent off of it, I am seeing some good underneath-the-surface action appearing. Leading growth names, in particular, are not waiting for the market. Commodities are also joining in a little upside, including the recently weak OILS.  Of course, this couldn’t happen without a weakening DOLLAR. Now, before you get all excited, just realize markets have massive resistance overhead, end of quarter is near and next up, the always enjoyable nonsense of earnings season…where everyone seems to beat guidance. The one area that should scare the bulls remains the FINANCIALS. Watching the charts of GS,JPM,MS and others continue to remind me of 07. Even today, they are not only not up, but they are being sold down again. But the good news, the bounce/rally off the all-important,vitally important 200 day continues. Of course…don’t blink.

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.