kaltbaum email

Technically, market came in this week.

The DOW finished below the 50 and 200 day.

The S&P finished below the 50 day but above the 200 day.

The NASDAQ/NDX finished below both.

The RUSSELL remains above both showing some relative strength in the small caps.

The NYSE remains above both.

Foreign markets remain strong as Japan followed Bernanke in printing oodles of money. Their goal is to crash the yen and so far, job well done…check out the FXY. Other Asian markets strong…and Europe also strong as they bottomed the day they announced printing of money.

Growth remains all but dead. Retail is a horror show. Financials remain relatively strong.

THAT ALL SAID: We are held hostage here until the corrupt assclowns in Washington come up with another fake deal to save the day. If something happens over the weekend, expect market to gap up. Keep in mind, it is a guarantee that eventually something gets done…and for whatever stupid reason, the market will react well to it. I just do not know when something gets announced.

You can see from the following leaders list…that a couple more names broke…and anything still on there giving hardly any gains. RAX and CRM do have the best charts on the list. SSYS and DDD are probably going on this list…but both extended here for entry and frankly, I do not want to do a thing until a resolution of the fiscal stiff.

AMZN– Comes off list…ugly week…possible big double top…but still above 50 day.

AMGN– Breaks 50 day…comes off list.

CRM- Pulls back towards pivot in crappy market.

EXPE- Sitting just above 50 day in a tight base.

EBAY-Sitting just below 50 day and needs to hold here.

MA– Also pulls into 50 day.

REGN- Back sitting on 50 day as biotechs weaken a bit.

RAX- Breakout holds fine so far.

SHW- Now sitting tightly on the 50 day…needs to hold…has had a good move already.

V- No issues…just extended.