Action Remains Excellent

August 15, 2002
Gary Kaltbaum

If there is one thing I have learned by
trial and error throughout the years…and
I have learned a lot…it is to NEVER…EVER…NEVER…EVER FIGHT
THE TAPE. So I will not start now. I have had such a negative bent for
so long that it is tough to change the playing
field. But I realize if I don’t
change, the market will force me to regardless.

The market’s action remains, as I said in Monday’s
report, excellent. There have
been big bumps along the way, but in the end, higher prices have been
had.

Any short I have put out I have had to cover…even the
ugliest names. Breakouts, while
there are a small number, are holding their pivots. This is a
stark change from the past six months. As usual, I don’t know how long this
lasts or how far it goes. As usual, I don’t
care about the whys and the whos. I only care about the reality of it and my
reactions to it.

All you need to know about the market is how many
breakouts I can find and how
many work. I will continue to follow the daily market movements to stay
ahead of the game. Keep in mind that it is
wild out there in this market. As well
as the market has performed in the last three weeks, I have no preconceived
notion about it turning back on a dime. That is why no matter what
— no matter what — use stops on everything.

Action Remains Excellent

BUY THE FEAR, SELL THE GREED

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