kaltbaum email

Greeting from Paris.

 

A 4th day follow through day for the S&P induced by more funny money saving the day in Europe…for the 15th…or maybe the 17th time. I would rather the market do this on a “no news’ day but you take what you get.

 

I am not thrilled by all the bullish emails I have been getting but nevertheless…we never argue with markets.

 

Leaders and thoughts

 

AAPL- I think you probe AAPL again as it moved off the 50 day again…will then need to leap 590…using 50 day stop.

AMZN- I think you can probe very small here…using 50 day stop.

ALXN- Strong…nowhere to buy.

BIIB- Again strong…nowhere to buy.

CRUS- Good move off the pullback wedge…small probe here with stop under 27.90.

CERN- Holds 50 day but would like a pullback.

DLTR- Reverses off 50 day…no place to buy.

EQIX- held 50 day…contemplating on buying breakout…or wait for pulling in again.

EXPE- movesd up Friday off constructive pullback. No place to play.

EBAY- Holds 50 day…may need some time.

MNST- Sitting on 50 day.

PETM- Very strong…no place to enter.

PRGO- very extended here.

ROST- Sitting on 50 day but vulnerable.

SHW- continues to ride 50 day but no place to enter.

TRIP- Trouble breaking out…

TJX- Holds and sitting on 50 day.

ULTA- Holding 50 day.

V- Continues to base…good volume patterns.

WFM- still strong…nothing to do.

 

I am also watching ISRG,PCLN,LNKD as all have good patterns.

 

Also…HD looks buyable moving above 63.28.

 

Homebuilders continue to act great…new highs in LEN,MDC,MTH,PHM,SPF,RYL,TOL. Expect some plays in this group.

 

A list of defensive issues for your review: abt,bmy,cl,chd,cvs,df,dps,ecl,hnz,hrl,hsy,kmb,ko,lly,mo,mrk,mkc,

pep,pm,vz. These are food, drugs,beverages, household products,, telephone utilites. Also, reits and electric utilities also leading.

 

Lastly…and I cannot stress it enough. Keep plays small. We have seen failed breakouts, failed moves, failed follow though days…especially off of news-driven crap. I have no idea if this move works. I just know what it looks like right now. There is no way one has or should have a strong conviction here…but if things start to work and keep working, we will add.