Not so good morning!
We held off writing last night just to see how this morning goes and it is not pretty…a decent gap to the downside. We just thought yesterday suspicious as it seemed like a propped DOW day. The DOW was up nicely but advance/declines were flattish with other indices trailing badly.
As we stated coming into this week, we thought there may be some more work correcting the recent move. Volume and price patterns had changed somewhat…and with 40% of the market remaining bearish, it doesn’t take much when the market wants to sell off. We will be watching the 50 day moving average on all the indices and then underlying support. A break of any worsens things. The NASDAQ and the NDX remain the strongest but pay attention to Apple as it goes into the DOW next week. We watched the market almost led on a leash by the moves in this stock yesterday….caused by the latest product announcement.
The Euro continues to implode this morning as the money printing nutjobs get going in Europe. This has caused more commodity yonking this morning.
Do not forget. We have started a TAKE BACK AMERICA segment on the radio show. We have had enough of the “in plain sight” corruption, sleaze, payoffs and all that crap from politicians to families, friends and donors. We have had enough of the debt, the deficits, the flagrant misuse of taxpayer dollars and all that goes with it. We will cover this on a daily basis. You can follow me on twitter at twitter@GaryKaltbaum and we will be using the #takebackamerica.
We do have a “Take Back America” already in place. It’s called a general election. Elections have consequences – both ways.
Those of us with Market short Delta will be eating salmon for lunch.
Having the market do a healthy pull back is normal and expected. Expecting ES to bounce here at the 50 ma (D) then short call spreads on bounce at 2085
An election is how the republic imposes term limits (the politicians sure as hell won’t)! Make sure to vote the career politicians out and put business people in that know how to balance a budget and don’t spend their way into more trouble!
Taking back America will be a long process. The voting block who represented real Americans with heart have mostly passed. WW2 vets. They need to be replaced. Teach the kids and put American exceptionalism back is our public school system and stop funding the universitys that refuse to do so.