KALTBAUM ON STUFF AND THE MARKETS

Alibaba has sales of $8.5 billion and has a $231 billion market cap. Just above its market cap is Chevron with a $236 billion market cap…but has $226 billion in sales. Next up, Wal Mart with a $245 billion market cap…with a whopping $480 billion in sales. But don’t worry. The Fed says there is no bubble. All is well.

If the White House reporters did their job the way the sport’s journalists did with Roger Goodell, maybe we would not have $17 trillion of debt, the IRS going after people, ISIS grow to this level, Benghazi, lies on healthcare and just about everything else. If only the White House reporters held this President accountable. They can learn a lot from Goodell’s recent press conference.

Speaking of Goodell, how in hell is he responsible for the actions of some of the thugs in the NFL?

Just what do those people marching this weekend want to do about global warming…I mean climate change?

The Giants won a game!!!

Not much has changed in the markets. All the divergences we have talked about here are still around with some getting wider. With the DOW at new highs and the S&P just below:

The RUSSELL 2000 and SMALL CAP 600 act like they have no bid. If we start to see the market correct significantly, the short play would be in those small caps as they really have no bid.

There were more new lows than new highs on the NASDAQ Friday while overall, new highs have not kept close to the market’s move up.

Bearish action remains in GAMING,REITS,HOUSING,COAL,ENERGY, OIL&GAS,GOLD,SILVER,METALS,ORES,COAL,CONSTRUCTION MACHINERY,RESTAURANTS,AUTOS,APPAREL and AUTO PARTS.

This all simply tells you it is a very split tape and the place to be is the large caps and areas that are working. They continue to be BIG FINANCIALS, LENDERS,BANKING and BROKERAGE,HOTELS,SEMICONDUCTORS,STEEL,TRUCKING,RAILS,HEALTH CARE,INSURANCE and PHARMACEUTICALS.

As far as BIOTECH, which has been a leader during the bull, seeing a few cracks but not enough to put the group down just yet.

In other words…no throwing darts as the tape remains very split…with a lot of “underneath the hood” weakness. The market had better not follow the Russell 2000.