kaltbaum email

I am getting a lot of emails about IBD going MARKET IN UPTREND just two days after going MARKET IN CORRECTION. The fact is the nasdaq and s&p never undercut….but the fact also is today was another forced day into month end on bs news. The only thing that matters to me is whether there are things to do. We are seeing some good strength here in names like SWI,EQIX,MLNX,LL and today, a few housing names moved out on numbers. But after that, the tape is a mess. I am more apt to short into this but by my strict rules, no shorting in an uptrend.

 

I expect more upside into month end…just because but not sure how much. But HD has set up well…and could be bought moving above 53.28. After that, need things to tighten up in some other names. The tape remains tough and the tape continues to want to carve up. Today’s gap really screwed the shorts. Hopefully, we can get a trend soon but somehow, I doubt it.