JUST LETTING YOU KNOW
I’m letting you know that this second, a few of the leading growth names that I have been watching for myself, my money, as well as yours – are in setup mode here. Meaning they have some darn good patterns.
Now let’s hope they bust out of here.
Volume, however, continues to be on the lighter side. At least it feels very light, especially on the NYSE which is an absolute joke, as far as volume is concerned.
The potentially good news is that the past seven days, the market has sat tight as can be as far as the indices are concerned.
Next day wins.
What do I mean by that? If it’s up nicely, we’ll get a move out of this range and attempt to get to the highs of the year. If we move down out of the range, we’ll have a little correction, of unknown price and time.
It’s pretty simple. Sometimes it gets to be that simple.
Thinks have quieted down on Wall Street. There’s still some economic numbers coming out, mostly not that great. There were some poor economic numbers coming out of Europe. I do know the retail numbers were better than expected. But that’s a fleeting number.
So we watch the tape. So as I’ve said to you, the good news is that there’s some names setting up. We’ll keep our fingers crossed that they all decide to bust out together, because if that occurs, we must definitely have another leg up on the market, of unknown time, price, and consequence.
The tape remains split around 50/50. About 50% of what I’m seeing that is in bad shape or in downtrend with things we don’t look at. Gun stocks look like they topped out and topped out badly.
We’ll take it one day at a time. As I’ve said to you, they’ not going to make it easy. It’s very important now to not let the news influence your decisions as markets will move up on what’s supposed to be bad news. Just like they will move down on what’s supposed to be good news.
I must tell you: Most of everything I read has the edge of bad news.
The fiscal cliff.
Afghanistan and Iraq imploding.
Iran trying to get Israel off the face of the Earth.
I can pretty much go on and on with these things I read on a daily basis. You have to be careful about all of this.
When the markets lifted off in 1982 into another glorious bull market, EVERY BIT OF NEWS WAS NEGATIVE.
So watch the market.
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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.