Pullback time, part 2
Gary Kaltbaum is an investment advisor with
over 18 years experience, and a Fox News Channel Business Contributor. Gary
is the author of
>The Investor’s Edge. Mr. Kaltbaum is also the host of the nationally
syndicated radio show “Investor’s Edge” on over 50 radio stations. If you
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Have you noticed that as you get older,
you visit the hospitals more often? My
father has been in three times in the past six months. Fortunately, he is
doing fine. The amazing thing is that he is in great shape. Plays golf and
tennis all week long and eats like a bird. Just no fun. And what’s with the
charging for TV and phone in the hospitals?
Well, Jay Feely tried to screw my Giants again. I think it is time to call up Garo
Yepremian.
Rode the subways as well as the Long Island Railroad this weekend. I loved it.
It is so much better than driving I-4 every morning in Orlando. 60 minutes to
go 16 highway miles…not for me.
My Mets…yes…MY METS are buying up everyone in sight. Us psychotic Mets
fans had better see some results this year.
A few thoughts today.
Many OIL STOCKS are now turning the corner. I believe there is a tradable
play in OILS at this juncture. Speaking of OIL, the stocks have been
starting to outperform the commodity. This is usually a sign that OIL PRICES
are about to head back up.
I am starting to see many under-$5 names starting to work. This type of
speculative frothiness is another sign that we could pull back. This type of
action usually occurs in the late stage of a move.
The bullish noises are getting as loud as they can get. TECH bulls are out in
droves. Funny, we weren’t hearing from them 8 weeks ago. I say this because I
do believe in extremes. And when thinking goes to extremes, it is usually time
to think the other way. I believe this market will continue to put in
stalling/consolidating-type action…if not a decent pullback….for the
near-term. Markets are still stretched away from moving averages…and always
revert back to the mean either by sitting around or pulling back into them.
Until otherwise notified, I suggest that pullbacks will be controlled and
rotational. Keep in mind, we are in December and normally, Decembers are good
months for the market.
Gary Kaltbaum