Here’s What’s Important Today
I started to write my
Thursday report and realized what day it is. Writing about the
market and its psychotic movements pales in comparison of what happened two
years ago today. As I pen this, I am watching my favorite FOX News Channel.
Children reading poems about their parents who passed…others naming the
names of their relatives who passed. I just heard one young girl name her
father and say “I love you dad.”
So, in the big scheme of things, the stock market
is quite small. Frankly, I don’t even want to talk about the market…but…we
must go on. I hate those four words but they ring true.
you in recent reports to expect rotational pullbacks. In fact, it’s
now happening. I had mentioned to expect it in the SEMIS as they had gone
parabolic. Now, we know nothing lasts forever…so let’s now take a look at
the SOX.
Very simply, support lies at 410. Just remember,
in TECHLAND, it’s either feast or famine. Another thought I had was that I
have watched no less than a dozen analysts raise their ratings from “hold” or
“neutral” to “buy”…and that’s after the big move.
Other random thoughts:
HOMEBUILDERS are following my script quite nicely. I would continue to lay off
this group and the charts are now toppy and showing wide and loose patterns.
FINANCIALS seem to be doing the same dance. I repeat for the thousandth
time…WATCH FINANCIALS. It is not often markets get in real trouble when
FINANCIALS are acting well. Right now, they are under some pressure.
at the 1010-1015 area. Three month base breakouts should not fail so easily.
FINANCIALS are the culprit this second as they are 30% of the S&P.
Lastly, I end my radio show every day with these
words: “Go home and hug your children.” I started this on the day of the
Columbine incident. This would not be a bad day to follow-through with this
oft-overlooked act. Never take the important things in life for granted. We
have our good times, we have our bad times. We have our ups, we have our
downs. It’s how we handle the rough times that define us.
those who lost loved ones: GOD BLESS.
Sept. 13 at 1030 am EDT on “Cavuto On Business.” Don’t forget the whole
business block from 10 am ET to noon.
Gary Kaltbaum