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GREETINGS FROM THE WARM NORTHEAST

ByGary Kaltbaum
1 Comment

It is a scorching 8 degrees as we write this. Speaking of cold, futures down nicely another day. OIL again ripped. Too much talk of supply issues. We say it is all about demand. Just watch the market. It knows.

We are quite amazed that the institutions could not even wait to sell more until after the holiday. Tells you they are very worried. Do not believe this is about algos, programs, technicals and all those crappy excuses. This is real selling. They never blame the upside on them.

The good news is that all our sentiment numbers have gone very bearish. (contrary indicators) Keep in mind, just because they are bearish, does not guarantee a rally any time soon. Just that sentiment conditions can get one. The big picture is still gross. Also seeing some insider buying picking up…and will give you a list of names next week.

Markets close at 1 pm…don’t know why they are even open today.

 

One Comment

  1. Gary, in the category of reaching for straws perhaps, I’ve noticed these S and P 500 lows:
    2/9/18 2532
    4/6/18 2553
    11/2/18 2603
    11/21/18 2631
    11/23/18 2631

    So maybe we are finding a floor in here. Of course, it could get destroyed and blow right through this support.

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