GROPING FOR A LOW

OK…it is early…and after yesterday’s nauseating reversal off of a hot open, very tough to get anything out of today’s early action. But I couldn’t help but notice a poor manufacturing number, coupled by a poor home sales number this morning. Instead of the market selling off, it has been actually bought up. Again, it is early, but yesterday, the major indices just about revisited the lows of August 9. A successful retest would go a long way towards the market trying to put in A low after a nasty drop. Notice the word “A” and not “THE” in this title. Again, it is early, but when markets are in poor shape, I am always looking for signals that tell me the worst, at least in the near-term, could be over. Rallying on more bad news could mark that area. It will be all about the close.

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.

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