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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. 888-484-8220 ext. 1.
If you ever want to teach your kids about greatness, just have them look at Tiger Woods' eyes. Have them learn about his work ethic. Have them learn about his desire,tenacity and persistance...and they will have a great start in life.
Did you watch some of the Little League World Series this weekend? I think a couple of their pitchers pitched for the Red Sox against the Yankees.
I don't have too much to say today. The action has been impressive since last Tuesday's suspect follow-through day...but do believe things are now getting very overbought.
I say this just because of how far and how fast the move has been. It would be quite normal now to see a pullback/consolidation just based on this. There are a few other things to note.
The average weekly NYSE volume was the lowest in 5 months. I do not consider holiday weeks in this equation. I also noticed declining volume every day last week. Declining volume into a rally of this magnitude in a bear phase is a wake up call.
Adding to that is the fact that the NYSE new highs peaked at 139 on Wed. and declined the last two days to 115, and 82 as the market moved up, which is another subtle negative divergence. But these are just subtle hints.
I urge you to keep your feet on the ground and look at the charts of the NASDAQ,NDX, SMALL-CAP 600,MID-CAP 400, SOX, TRANSPORTS, RETAIL and HOUSING. Let me be clear about something. These are NOT BULL MARKET charts...and they continue to lag badly. I am saying this knowing about last week's action. I know the DOW and S&P are back within a smidge of their highs but we told you from day 1 of the top that they would outperform at this time.
If leadership shows up...if volume patterns turn better...if stocks break out...I will be all for it. I have no bias to the market. If the DOW wants to go to 40,000 on the DOW in 3 years like Harry Dent says it will...I am all for it. I am just very suspect of what I have seen so far...and are still not thrilled that so many areas are still showing bear market charts.
Hoping for better days ahead! I would just like to see more and better evidence.
Gary Kaltbaum
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