Anything Can Happen Near-Term

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.

Hillary Clinton:

"Over the years, you've heard plenty of promises, from plenty of people in plenty of speeches. And some of those speeches were probably pretty good. But speeches don't put food on the table. Speeches don't fill up your tank. Speeches don't fill your prescriptions or do anything about that stack of bills that keeps you up at night. That's the difference between me and my Democratic opponent. My opponent makes speeches. I offer solutions."

I have news for you Hillary. Presidents don't put food on the table. Presidents don't fill up tanks. Presidents don't fill prescriptions and presidents do not pay off people's bills.

I receive anywhere between 50-100 emails every night. Most ask whether I like this stock or that stock. I can actually tell the mood out there by whether the emails are asking whether to short the market or buy the market. An interesting thing has happened over the past couple of weeks. Very simply, people are changing their mind every other day. I am being asked about shorting on monday...and those same people ask me what to buy on Tuesday...all because Tuesday was an up day. This is the type of undisciplined thinking I have been trying to get people away from. If you want to own 3,000 stocks and never told when to sell, I could tell you where to go. If you want to just throw things against the wall hoping they stick...this is the wrong place. If you want a strict set of rules and disciplines, this is the place to be. For starters, do not let the daily swings drive you up a wall. It is in the major trends that you make or lose the bucks. Learn the major trends and you are way ahead of the rest. It is any wonder prozac sells so well.

Right now, markets are chopping in a trading range a little above the recent lows. No one knows whether recent lows were A low or THE low. All we can do is to interpret what is happening now. Very simply, the tape remains a mess with a clear lack of leadership. That does not mean we do not work our way higher. What it does mean is that unless leadersip shows up, forget about an extended move up. Markets need leadership...and they need volume to back that leadership. On top of the lack of leadership, moves to the upside have not been backed by volume...calling into question whether any move higher is backed by the institutional crowd.

If you had to be invested, here are the few areas that are showing good relative strength. Just beware that if there is another leg down, anything sticking up in the air...will get cut down eventually. OIL & GAS EXPLORATION, GOLD, FERTILIZERS, COAL, AGRICULTURE and a few COMMODITY names... and that's about it. Good luck if you choose.

Near-term, anything can happen. But with England bailing out Northern Rock...with the saviors all over the moronoline...I mean monoline insurers, we could get some pops on "happy" news. Just take your time. Leadership needs time to show up...and I do not mean in one or two days.

Gary Kaltbaum