Nothing to Complain About!
Gary Kaltbaum is an investment advisor with over 18 years experience, and a Fox News Channel Business Contributor. Gary is the author of The Investors Edge. Mr. Kaltbaum is also the host of the nationally syndicated radio show “Investors Edge” on over 50 radio stations. Gary is also editor and publisher of “Gary Kaltbaum’s Trendwatch”… a weekly and monthly technical analysis research report for the institutional investor. If you would like a free trial to Gary’s Daily Market Alerts click here or call 888.484.8220 ext. 1.
Since my writing hiatus from a few weeks ago:
The DOW broke above the 10,516 resistance 10,516.
The S&P broke above the 1119 resistance.
The NASDAQ broke above the 2205 resistance.
The NASDAQ 100 broke above the 1815 resistance.
The RUSSELL 2000, which had lagged for a while, broke above first resistance at 614 and then broke above more important resistance at 625.
The lagging FINANCIALS finally popped above near-term resistance in the past week… now trying to complete a 6 month base breakout. BIG BANKS now have good looking bases.
The TRANSPORTS are a smidge away from breaking out of a flat base. RAILS are breaking out here. AIRLINES have broken out.
The all-important SOX continues to lead.
New highs have expanded as many charts have broken out in recent days.
Coming into the new year, most COMMODITY areas were improving but still lagging. The boys had a purpose coming into the new year as:
OILS broke out of a handle on Monday and have come straight up.
STEEL has come straight up and is now in the midst of a powerful bid.
METALS/MINING/CONSTRUCTION are doing the same.
I can leave it at that but can’t. Just recognize the market is 10 months along off the lows without an intermediate correction. Just recognize the last time I saw a market like this, it was January of 04… in where the market started a good correction. Maybe it is meaningless but it is uncanny comparing the bottom in 09 to the bottom in 03… so I watch. Also, bullishness measured by put/calls as well as surveys, is moving into extreme territory. So I watch. But as of this second, I do not have much to complain about.
Earnings come out in droves in about a week. Pay attention. The good news is that there has been very little in the way of warnings.
Disclaimer: The opinions expressed herein are those of the writer and may not reflect those of Wunderlich Securities, Inc. or any of its affiliates. The information herein has been obtained from sources believed to be reliable, but we can not assure its accuracy or completeness. Neither the information or 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.