kaltbaum email

A few changes on my leader’s list. First off, I have mentioned to you that names like ISRG and CMG look like late stage stuff. Well…they are now major late stage failures. We do not want to see more. Leaders right now are either sitting or failing…giving us nothing to do. This latest move up was the semis, oils and defensive names…not growth leaders.

 

 

 

 

 

AAPL- Setting up well into earnings…but 5th stage base. My question…how late stage is this…earnings will tell Tuesday.

ALXN- Still sitting strong…earnings this week.

BIIB- Pulling in towards 50 day. Never been thrilled with numbers but strong group.

CERN– Breaks down out of wide and loose pattern. Done for now.

DLTR– Also comes off leaders page as it breaks the 50 and feels later stage…and maybe for the group. Told you recently I was not thrilled with bearish wedge.

EQIX- Just holding 50 day and reports this week.

EXPE- Holds 50 day but not thrilled with up-down-up action. Earnings soon.

MNST– Major chart break with big volume. Off list for now.

PETM- Very strong…hardly budging.

PRGO- Still fine but looks headed towards 50 day.

ROST- Late stage group but acting fine.

SHW- Reversed on volume on earnings. Still above 50 day but has had a good run.

TRIP- Still above 50 day.

TJX- Still fine…but have to watch group. Continues to ascend nicely.

ULTA– Off leaders list for now with Friday’s break.

V- Held 50 day to the penny last Thursday and back in base after failing breakout. MA not trading well.

WFM– Another major chart break…off leaders list.

 

 

 

So you can see 5 names gone…a few others just holding…with names like CMG and ISRG blown up. This is worrisome. Take all the clues you want but for me…it is how are the growth leaders doing. PCLN also looking a little like CMG and ISRG…so will need to watch earnings on that one.

 

 

 

I am adding back EBAY off recent gap to the upside. I would add AMZN back but they report this week…and earnings will be down again. I will probably put MLNX on list soon on its major gap to the upside but want to see if it puts in a handle or a flag here…or just fades.

 

 

 

From Friday, UNP broke back below pivot on downgrade so no play. I really liked the C short but not going to play after down 2% on open. I think the market remains a pain in the ass here and think it probably put in a trading top Friday. Of course, the almighty AAPL may have a say Tuesday as it is probably the only real market mover these days.

 

I think market hit a trading top Friday but know we are entering month-end b.s. But I think this is going to remain tough and want to keep capital until we get direction. I am more apt to play some shorts…but into the next bounce.