A Specific Point In Time

  • September 12, 2002
  • Gary Kaltbaum

I don’t like the fact that S&Ls and REGIONAL
BANKS…past leading groups…are breaking down.

I don’t like the fact that RESTAURANTS are acting like
they have food poisoning.

I don’t like the fact that HOTELS/MOTELS are setting up to
go lower.

I don’t like the fact that the market reversed yesterday.

I don’t like the fact that GOLD is going up.

I don’t like the fact that breakouts…for the most
part…continue to fail.

I don’t like the fact the my beloved New York Giants still
do not know how to put the ball in the end zone.

That all said…since I am so worried…the market
probably rallies from here. NOT!

Keep a close watch on these levels of support.

  • S&P 500 at 875.

  • DOW at 8290.

  • NASDAQ 1250.

The reason these numbers are so important is because it
would complete what I would call
a head-and-shoulders top for all three major indices.

1350 represents the shoulders and 1426 the head on the
NASDAQ.

911 represents the shoulders and 964 the head on the
S&P 500.

Approximately 8790 represents the shoulders on the DOW and
9077 for the head.

I did not leave you with any excitement for the bull camp
this morning. Can this resolve itself to the upside? Absolutely. But…I only
care about a specific point in
time…NOW. And right NOW…I am not excited. Maybe, tomorrow
will look better…and then, maybe the Red Sox will win the World Series.
OUCH!