JUST LETTING YOU KNOW…
Yesterday, I told you there was a chance that in the near term, Apple had some climatic action. Today, Apple was down at one time about 12 bucks…and finished up 4. So I received emails asking me if the reversal to the upside today negate the reversal to the downside yesterday. Here’s my take:
I think by precedent, in the near term, Apple’s going to have trouble getting back to those highs. I’m thinking that Apple is going to go into a trading range. Not because anything’s wrong. It’s normal. They’re doing a lot of biz. The stores are still packed. If you’re a long termer, close your ears.
Of course, if it breaks above that high – it’s negated.
I have this line that goes, “If things show up, I will let you know.”
I gotta tell you, there’s a lot of setups happening right now. How do you get setups? You get them when things pullback or when they’re tight.
As I scanned today…man, some stuff showed up.
- Because when you look at the Russell 2000, it’s in a two-week tight little “whatever you want to call it.”
- When you look at the Small Cap 600, you see the same. And it looks like it’s going to come out of it to the upside.
- When you look at the S&P 500, you went above yesterday’s high.
- When you look at the Dow, you’re about to go above yesterday’s high.
- When you look at the Nasdaq, you’re above yesterday’s reversal high.
- When you look at the all-important Semiconductor Index, it broke above near -term resistance today. There was a lot of strength in the Semiconductors today.
Now those indices represent stocks. That means stocks are doing these same things.
I’ve got a bunch of names
Editor’s note: Gary went through a plethora of names on his show. To hear the complete list, along with his detailed comments, listen to his podcast by clicking the player below.
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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.