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.
The market lost its momentum on Thursday when the DOW started getting relative strength while the average stock lost relative strength. I expect a pullback started Friday and expect more in time and price. But… as of this second, it is nothing more than a pullback from stretched, extended and overbought conditions. I am not going any further than that. Too many stocks are in good shape…and all I am seeing now is a pullback into support and/or moving averages. The only areas that are acting horrid are SEMI-EQUIPMENT, OIL DRILLERS, OIL EXPLORERS and NATURAL GAS.
Speaking of natural gas, how about that Washington DC? Maybe the title of this report is a little dramatic… and maybe not. Over a year ago, I appeared on Fox News on several occasions and started to state that the mainstream media hid the real agenda of this administration and this leadership. Some laughed at me. Some argued. Some agreed. Well, my worries have come to fruition. This administration and this leadership is out for one thing and one thing only: the confiscation of wealth! How? Just create dire scenarios. Just create “end of the world” crises. Just spend a trillion…and then tax away. Instead of reforming health care, they are taking trillions out of the wealth of Americans in order to further their power. I am not Einstein…but I have looked over their proposals and their bill. Enron would be proud at the accounting tricks. Take the $1 trillion and just multiply by 10. I have watched politicians and their in-the-pocket pundits yapping away at how this bill will lower deficits. Lower deficits by spending $1 trillion? Yeah… that’s the ticket!
I can go on and on…but you don’t need another voice railing against people who are now “voting” massive legislation…many who have never run a lemonade stand…and they have only just begun. I leave you with two facts and a few of my favorite quotes.
Fact one: Medicare… A GOVERNMENT RUN PROGRAM… has a $57 trillion unfunded liability.
Fact two: Social Security… A GOVERNMENT RUN PROGRAM… has a $43 trillion unfunded liability.
Gerald Ford: “A government big enough to give you everything you want is strong enough to take everything you have.”
Thomas Jefferson: “A wise and frugal government, which shall leave men free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned – this is the sum of good government.”
“It is incumbent on every generation to pay its own debts as it goes. A principle which if acted on would save one-half the wars of the world. “
“That government is best which governs the least, because its people discipline themselves.”
Ronald Reagan: “No government ever voluntarily reduces itself in size. Government programs, once launched, never disappear. Actually, a government bureau is the nearest thing to eternal life we’ll ever see on this earth!”
“Concentrated power has always been the enemy of liberty. “
“Entrepreneurs and their small enterprises are responsible for almost all the economic growth in the United States.”
“Government is like a baby. An alimentary canal with a loud voice at one end and no responsibility at the other.”
“Government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.”
“Governments tend not to solve problems, only to rearrange them.”
“The most terrifying words in the English language are: I’m from the government and I’m here to help.”
Henry David Thoreau: “I heartily endorse the motto, ‘That government is best which governs least’; and I should like to see it acted up to more rapidly and systematically.”
Thomas Sowell: Elections should be held on April 16th- the day after we pay our income taxes. That is one of the few things that might discourage politicians from being big spenders.
224 DAYS TO THE MIDTERM ELECTIONS
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