HEADLINE OF THE MORNING:

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U.S. equity futures have rebounded following the release of disappointing economic data!

Yes…we are now in a time where continued bad news equals good news for the markets as markets believe there will just be more money printing whenever news is bad. There was actually talk of QE3.5 this morning. No…I am not making this up.

Durable goods numbers this morning…to be nice…were recessionary. Hopefully, it was just a one month seasonal issue…but those were some bad numbers. Pay no attention to any employment numbers right now as the next one will print 7.9% as they rig the numbers into the election. Anyone want to bet against me on that 7.9%? All they have to do is take 500,000 more people out of the workforce…and am sure they will. Still looking for that list of names who keep leaving the workforce.

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.