IS DAVID AXELROD RUNNING THE BLS AND THE FED?

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It’s bad enough that the BLS has been taking millions of people out of the workforce over the past few years…artificially lowering the unemployment rate while job gains stink. Keeping the workforce numbers as they were when Obama became President would have the unemployment rate in double digits. It’s bad enough that these numbers have been ramped up enough over the past few months that we are down to 8.1%…hahaha. But now I read this weekend that the BLS has again added to the scam as they just made a mystery revision adding almost 400,000 more jobs that they hadn’t reported. Who in their right mind believes this crap? I am personally emailing the BLS (henceforth the BS) to ask them for this list of almost 400,000 people who had jobs that they did not know about. I am still waiting for a reply back asking for the list of people leaving the workforce. Next up…7.9% unemployment before the election. Still have not had anyone betting me on that one. Ladies and gentlemen, combining this with the Fed not even pretending any more by actually ramping up the printing of money just before the election…combining all this with the con artist national media (http://www.aim.org/video/pat-caddell-the-audacity-of-corruption/) who dare not report anything that negatively affects one candidate…and the fix is in…and in plain sight.

THE MARKET

The market has pulled back. That’s it. It has been nominal and mostly controlled and rotational as extended areas pull back. That’s it. That’s all that happened…but I continue to be constantly barraged with the talk of impending doom. These people need to read about the cart and the horse.

For sure, markets are not perfect…and there has been some deterioration and distribution. But until the recent breakout has failed…until the 1427 S&P breakout is taken out…until the DOW 13,330 is taken out…it does not pay to become too bearish. The NASDAQ and NDX are teasing their recent breakout but keep in mind, a lot of that is Apple as it has pulled in. If these breakouts are violated, we will then be watching the all-important 50 day moving average…so pay attention to these levels…DOW 13,200…S&P 1418…NASDAQ 3052…NDX 2750.

That leaves us to talk about the TRANSPORTS. Again, the transports continue to lag and badly. Many who follow the DOW THEORY are beside themselves calling for a major drop in the market. There is a simple problem with this. The transports have been lagging for quite a while. If you had put all your bets onto this theory, you would not have been in the market in recent months. You decide.

Lastly, Gold and Silver remain powerful as the nutjobs at the Fed continue to print…print and print…and will not stop. We are actually amazed that they haven’t even corrected more than a couple percent during this recent move. Gold is nearing some serious resistance. A move above and another leg up to all-time highs will be in the cards.

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.