kaltbaum weekend report

First, the leader’s list with a few more names coming off and a couple more on the bubble.

 

ALXN- May be starting to break. Earnings next week. Just about off list.

BIIB– Breaks 50 on volume. Off list.

EQIX– Falls further under 50 day…now off list.

EXPE– Breaks badly…off list.

EBAY- Good reaction to numbers…fine for now.

GOOG– Do I need to say it…a goner!

HD- Fine…but getting wide and loose.

KORS- Tries to break out…market reins it in.

MA– Pulling back.

ULTA- Just about off this list.

V- Just pulling back so far.

WFM- Now looking toppy.

 

Recently, these names have been taken off this list.

 

AAPL,AMZN,BIIB,CRUS,EXPE,EQIX,GOOG,EQIX,LNKD,MLNX, ROST,SWI,TJX.

 

There are two vital things I follow in the market…the NASDAQ and leading growth stocks. The NASDAQ is croaking and more and more leading growth names are breaking. There is no way to spin this.

 

Groups that are acting well are INSURANCE, HOUSING, MEDIA-CABLE, DRUGS and a few other things. FINANCIALS still ok but a few names breaking down. A few DEFENSIVE names in the Food area. I would also repeat that foreign markets are now outperforming ours and COMMODITIES are acting relatively better.

 

This is all less than thrilling. That’s the best way I can put it. I am looking at this NASDAQ chart and have to be worried as the NASDAQ is the leading index both up and down.

 

My best advice is to sit. I do see a bunch of shorts setting up and will start playing soon…but it is better to relax when the market is coming in. If things worsen, there will be plenty on the shirt side…and my best guess…things aint getting better any time soon. A load more earnings this week.