Why this market may just keep on going up
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.
Of course, there are chinks in the armor.
I could tell you that many important SEMICONDUCTOR stocks are rolling over. Have
you looked at
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KLAC |
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AMD |
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TER |
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XLNX |
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the next bear market?
I could tell you that the BOND MARKET continues to puke and in unison, so do the
UTILITIES.
I could tell you that a bunch of RETAILERS have broken down. Have you looked at
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CHS |
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URBN |
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COH |
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and
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I could tell you that HOUSING remains gross, though the selling seems to have
abated.
But that’s about it. Here are the positives.
WORLD MARKETS continue to roll. JAPAN is never going to have a down day again.
Major indices remain above all moving averages and have shown no ability to
correct. Even a couple of ugly negative reversal days have been erased.
NEW LOWS…what new lows?
I know. The S&P has not had a 10% correction in…how many months? Yes, the
market is due. Yes, around here would be a perfect time to start one. But until
we even begin to see distribution that causes the market to break support
levels, the market continues to get the benefit of the doubt. This remains one
of the most disrespected markets we have seen in a long time. In fact, every
time we get a down day, I get a slew of emails telling me the market has topped.
Until that stops, maybe we just keep going and going.
Some sector notes:
OILS have turned up again. I will be looking for any light volume pullbacks for
entry. Go figure. OIL back at $67 and the market doesn’t care.
FINANCIALS are coming on again. Even lowly Citigroup
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C |
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resistance on Tuesday. Another go figure. Rates are going higher and FINANCIALS
are not only not getting smacked, they are going higher.
Gary Kaltbaum