Subtle Distribution In the Nasdaq
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
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First, some random thoughts.
Home Depot announces they have been playing with their options
for 20 years… Where the heck were the corporate police?
The Economist’s front cover has the shrinking dollar on it. Do
I hear a rally in the dollar coming?
The Iraq Study Group is out with their bipartisan report. I am
no Henry Kissinger but I am still trying to figure out what is in this report
that will help. Talk to your enemies? Sure…that helped with North Korea. Talk
to Iran and Syria but leave Israel out of some of the talks? Sure…that makes
sense! Who wrote this report? Ahmidinejad! I will gladly light the bonfire to
burn all the books being sold and have them start all over again. No doubt,
something must be done differently…but not this.
I was emailed today this next occurrence. That certain
4-letter business channel sunk to a new low by having Henry Blodget on
…amazingly being asked about internet stocks. Huh! Are you kidding? Are you
psychotic? I believe everyone gets a second chance but this dude went out of his
way to lie to every investor that was hanging on his every word. He has less
than zero credibility in my mind…and I am a tolerant person. He is lucky he
did not do time!
Speaking of tolerance, my Knicks are 7 wins and 14
losses…but most amazingly….are only 2 games out of first place.
My son Eric turns 11 today. Please wish him a happy birthday.
Oh the market! As you know, I believe in looking under the
hood of the market and not just the market itself. I just wanted to briefly let
you know I am seeing subtle distribution in the Nasdaq/Techs and not so subtle
distribution in some leading names like Research In Motion
(
RIMM |
Quote |
Chart |
News |
PowerRating) and the
almighty Apple Computer
(
AAPL |
Quote |
Chart |
News |
PowerRating) as well as others. Maybe this is nothing but
things happen when they are least expected. December is believed to be a month
where nothing bad could happen. I will let the market decide. Short term support
on the Nasdaq is 2390 with the 50 day at 2370. The Nasdaq 100 is 1760 with the
50 day at 1740. A break below would start the first decent correction in quite a
while. Of course, support will hold…and the market will romp again. Right?
Well, that is what most expect these days because that is what most are
conditioned for. We shall see. I will have a much more detailed report next
week.
Lastly, by the time you read this, the job’s report will be
out. I will not predict…but I am letting you know every economic number I am
seeing tells me the economy is on the wane here…and potentially more than
that. I am worried that the Fed continues to just sit there saying everything is
perfect. I hope they are right.