MORE FED SHENANIGANS AND APPLE
[email_link]
In plain sight, the @&#@& on Wall Street. conveniently floated a story about the Fed, once again, printing money to save the day. Of course, this B.S. was released late in the day…on a very bad day…which in turn goosed the market into yesterday’s close. They don’t even try to hide their manipulation any more. These people are very lucky I do not run the SEC. Keep in mind, the only goal is to keep markets from dropping.
Forgetting a second the “in plain sight” fraud (which has been occurring more often), markets remain in range with a bias to the downside. If the range is broken to the downside, expect some nasty…regardless of the Fed. I gave you the important support levels in my previous report and will update them as we move forward.
The market is sick here…and needs a big save. I am not so sure another round of money printing will do the trick. Keep in mind, the fed has been printing, is printing and will not stop printing. It is a farce to even report they are thinking about more of the same…as nothing has changed. And if the market wants to go lower, it will go lower anyhow. There will come a time when the market realizes all this nonsense by the Fed leads to nothing but a gigantic bond bubble…a bigger bubble than what we saw in 1999…but that’s for another day.
As far as the almighty Apple (AAPL), which missed numbers for the 2nd time in 39 quarters but interestingly enough, the 2nd time out of the past 4 quarters…just be careful. Great stocks do not die overnight and there is a case that numbers were down because of consumers waiting for the next iPhone. But think logically. There will come a day where unless the iPhone can be waved over a bald head to cure male pattern baldness, there will be a day where the upgrades become less and less important. As of now, Apple stock is doing nothing more than tucking its head into a 4 month trading range…and is just breaking the 50-day average. I do recognize that just about everyone who wants to own the stock, already does and the big money crowd remains loaded. So any more suspect numbers could turn this drop into something of more import. Will keep you apprised.
Gary Kaltbaum owns Kaltbaum Capital Management, LLC (“KCM”), an investment adviser registered with the U.S. Securities and Exchange Commission. The opinions expressed herein are those of Mr. Kaltbaum and may not reflect those of KCM. The information offered in this publication is general information that does not take into account the individual circumstances, financial situation or individual needs of an investor. The information herein has been obtained from sources believed to be reliable, but we cannot assure its accuracy or completeness. Neither the information nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Any reference to past performance is not to be implied or construed as a guarantee of future results.