kaltbaum email

Bernanke showed his stripes…he is a political hack…just wanting to keep his job…so just bubble up assets. We know it was political because he could have waited until after the election…just 58 days away. We are not in depression…not in recession…no bank failures…no financial collapse. The man sucks. Simple as that. He sucks…but as technicians, we drown out all of his sucking and play the market.

 

The service’s stocks are doing fine and on breakout day, I told you that you can buy an index proxy as it looked like a clean breakout. But we had to wait for the fed…because if they did nothing today, market would have been smoked. But Mr Bubble went all in…no pretense.

 

I am not so sure they will pull this thing back…open-ended $40 billion/ month goes a long way.

 

Here are the breakouts today:

 

ACE,AMP,BRKB,BBT,COF,CMCSA,CF,COP,CCL,CVX,DKS,HON,LYB,MAS,MAR,NTRS,NXPI,PWR,RF,

RDSA,TV,USB,VIAB,WFC

 

And that’s just a cursory look.

 

Notice no big growth names but with this market, I think we can lower the bar…but must tell you, I do not know how to narrow this down for you. I will look to make some decisions in the a.m. on what to add.