JUST LETTING YOU KNOW
We had a very strong day today, price-wise. But volume wasn’t up to snuff. Volume on the NYSE was rather light. Volume on the Nasdaq was a little lighter than yesterday.
But the most important thing that happened today:
…all held their 10-week/50-day moving averages on the recent pullback. I leave it at that. That is key. That is vital. You know my thought process. As long as major averages are staying above that line…GOOD.
Go look at Apple. It was down 7 early…572. It closed at 609, up almost 30. Go look where it hit. Go look where the Nasdaq, the Nasdaq-100, and the Transports hit. Go look at the XRT. Go look at the RTH. All of these tagged (on a daily chart) the 50-day Moving Average and that’s what’s supposed to happen.
So it was a very good day. We don’t want to worry about why. While the chink in the armor is the volume, BUT most leading growth names held support.
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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.