Technically, nothing to worry about
Gary Kaltbaum is an investment advisor with
over 18 years experience, and a Fox News Channel Business Contributor. Gary
is the author of
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If Jay Feely missed that field goal
yesterday….never mind…he didn’t.
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I was at every home game during the Dolphins 17-0 season. The
Orange Bowl was full every week with 80,010 people. That was a great season.
The Colts are now challenging that feat…at least in the regular season. I am
not happy.
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That kid from “A Bronx Tale” was involved with a robbery that
ended up killing a policeman. I think it was Rober DeNiro in that movie who
told him that the worst sin is wasted talent.
Â
Mr. Miyagi passed away…or Arnold…whichever you
choose. “Karate Kid” was one of  the most “make no sense” movies of all time.
How did Daniel Larusso win that tournament against a bunch of Bruce Lee-types?
And what became of Billy Zabka who was Johnny Lawrence…one of the best mean
teens in movie history? Oh yeah, he became another mean teen in “Back to
School” where he lost the hot girl to one of the biggest nerds in movie
history Keith Gordon…and haven’t heard from him since.Â
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I do not have much bad to say about the action in this market.
The pullback I have been calling for has been nominal. In fact, there has
hardly been a pullback. This is in spite of extended and stretched
conditions. When an extended market refuses to budge to the downside, it
shows you just how strong things are. So…unless the S&P breaks below
1249…unless the NASDAQ breaks below 2230 and unless the NDX breaks below
1671, the market gets the benefit of the doubt….and suspect, if this does
not occur soon, we are going to see further strength into the end of the
year. Â
Technically, so far, I am literally seeing nothing to worry
about. I hate saying that too loudly but so far, it is the case. About the
only negatives are the lack of new highs vs. the move in the market and the
lack of new high in the Advance/decline figures. This may come back to haunt
the market eventually…but not yet.
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The SOX
(
SOX |
Quote |
Chart |
News |
PowerRating) pulled back but reversed up Friday…right
off its breakout point at 485.
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FINANCIALS pulled back. I think a little bit of steam has been
lost here but nothing to get twisted over.
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GOLD STOCKS reversed on Friday but still are fine. Just look
like they need a rest. GOLD itself has been on a romp.
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WORLD MARKETS are still rolling. JAPANESE markets will never
have another down day.
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Gary Kaltbaum