kaltbaum email

A few things to cover:

 

The market should bounce from here. I say this because the worst areas like the XME reversed today but more importantly, the crooks will paint the tape into the end of quarter. Of course, that is illegal so it really doesn’t happen.

 

BUT there has been internal damage with plenty of stocks getting hammered and fewer and fewer stocks working. I try not to go further than today but if the bounce is anemic, expect selling to show as indices rally back up some.

 

There is nothing to do this second…except to let this play out. I will know market is in trouble even further if markets open up strong and fade. That is a characteristic of a market getting into some trouble.

 

My other thought is not technical. My other thought is that this whole rally has been on news of money printing by everyone…even a word about it lifted markets. Now that all that news is out, what’s left? That is an interesting question going forward…

 

There are no additions tonight. Frankly, most breakouts have tucked back in while many names have been breaking. I told you to sell half the AMZN and KORS this morning…and will now watch to see if they can reassert themselves.