Kaltbaum premarket

Election day is at hand…yippeee…no more robocalls and no more 1000 tv ads every day. I will hold my political views here. I did want to say that everyone predicting Obama this morning…except some pundits on the right. Everyone saying the hurricane changed things. Meanwhile, they are doing a terrible job after the hurricane but the mantra is Obama hs been fantastic. In any case, we have no control and whoever wins…wins.

 

Markets continue to hold near term support…simple as that. A break below would be a negative as the 200 day moving average would be taken out…especially on the nasdaq and ndx. Notice both sitting on it past few days.

 

This service was quite nimble in selling as well as showing how many growth leaders had topped. Even if market rallies some here, growth leaders are not really showing up…which eventually comes back to haunt market.

 

I DO NOT HAVE A GUESS TO THE MARKET’S REACTION TOMORROW BASED ON WHOEVER WINS. So…I suggest you blow off the market proxy near the close today…unless the market experiences a follow through day today which would mean a 1.5% or better move on heavier volume than yesterday. If we get one today, you definitely want to hold…and I will alert you later in the day.

 

KORS and BAC still acting fine. Telling you to sell market proxy is not a market call. It is just that the market remains in correction with not a lot of leadership.

 

GET OUT AND VOTE!