Why This Man Is One Of Wall Street’s Top One Percent…
I was all set to tell you
my thoughts on the market when I glanced at
Dave Landry’s report from Friday. I have been out and about traveling last
week, thus my late reading.
My hat is off to Dave for reading negative
responses. I thought I was the only one who does that. I get a ton of emails
on my radio show and only read the negative ones. This keeps me on my toes.
Now, on to Dave’s report.
Let me be blunt. If anyone of you out there
believe that anyone in our business is going to be right all the time, I have
some news for you. Better yet, I have a few yards of swampland in the
Everglades I would like to sell you. Writing your feelings, doing radio,
getting on TV and just putting yourself out there is not easy…especially
when it has to do with the markets…which are psychotic most of the time.
I don’t need to defend Mr. Landry. Mr. Landry does
just fine on his own. BUT... coming from me — someone who is my own biggest critic as well as a critic of Wall Street — you best realize
that Mr. Landry is in what I call the top 1% of people on Wall Street. He is
clear…he is concise…and he is right many more times than he is wrong.
AND more importantly, when he is wrong, he
doesn’t just sit there and fight the tape. He adjusts…unlike the bonehead
strategists on Wall Street. These are the marks of a top-notch trader. I never
fail to read his reports. Stop reading and listening to him at your own risk.
It has been a wild few weeks. I believed that the
markets were starting a correction of intermediate consequence when things
started to turn down on Sept. 19. Well, I don’t think an eight-day dumping
defines an intermediate-term correction. The markets just turned back up…
and formed another “V” on the charts.
Near-term, maybe the markets pooped out with
Thursday’s late-day dumping…maybe not. It is now time to take a step back
and let the fireworks begin as earnings come out, starting Tuesday. If we
continue to see reactions to earnings like
(
YHOO |
Quote |
Chart |
News |
PowerRating) and
(
SAP |
Quote |
Chart |
News |
PowerRating), expect
higher prices. I have no idea how the market reacts. I just know that I will
not react to the news…I will react to how THE MARKET and THE UNDERLYING
STOCKS reacts to the news.
Gary
Kaltbaum