What, Me Worry?
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.
COMPLACENCY:
“A feeling of quiet pleasure or security, often while unaware of some
potential danger, defect, or the like; a feeling of contentment or
self-satisfaction, especially when coupled with an unawareness of danger,
trouble, or controversy.”
In the words of Alfred E. Neuman: “What Me Worry?”
I am simply amazed at Wall Street’s reaction to the recent plunge in the
markets. It is like Wall Street has already forgotten that the DOW just dropped
1500 points. Only on Wall Street do you get a 1500 point plunge…an 800 point
bounce because of an ineffective Fed…and everything is A-OK. Maybe the DOW
goes back to 14,500 like certain pundits say. Maybe everything is A-OK. I just
needed to let you know that I believe the technical condition of this market is
still suspect…and that is being nice…in spite of the recent pop off the
lows.
FINANCIALS are still a mess.
Did you see the orgasmic response to the BAC-Countrywide deal? Did one person
even question the possibility that BAC did not invest $2 billion because of
their liking of Countrywide but maybe…just maybe, BAC is one of the banks
Countrywide tapped for billions in a credit line. Maybe…just maybe, BAC was on
the hook for billions and just trying to protect their own investment.
Countrywide’s stock is now below the price when the news came out.
UTILITIES breaking down badly.
7 out of 10 stocks still in bad technical shape. That is how deeply oversold
the market was.
I am forever an optimist but I am more of a realist. I would like to see a
little more proof than what the market has given. High volume drops and low
volume rallies do not thrill me. JUST A DOSE OF REALITY MY FRIENDS.
Gary Kaltbaum