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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 or call 888.484.8220 ext. 1.
We don't believe the market is going to have a down day ever again. Despite extended, stretched and overbought conditions, the market keeps rolling on. In fact, we believe it is nothing but bullish when a market can continue on its merry way despite these conditions. Normally, markets stairstep both up and down...but there is nothing normal about the recent action. Shorter-term, like a broken record, the market remains extended and due to pull back at any time...but we've gone there before. Just keep in mind, eventually, the market will go back to the norm.
It is a positive that the NEW HIGH list continues to expand signifying more and more leadership. Nothing but good comes from this.
It is most positive that FINALLY, small and mid-caps are now coming on strong. For weeks, we were telling you about the negative divergence. It seems things are getting resolved to the positive as the MIDCAP 400 and RUSSELL 2000 are now playing catch up.
It is a positive that more and more stocks and more and more sectors are back into the positive side of the column as they put in near term lows and started coming up the right side.
It is a positive that many lagging countries are now coming on strong. We always want to see the rest of the world in lockstep.
Here are the first support levels to be aware of...if the market ever decides to have a down day again...DOW 11794...S&P 1343...NASDAQ 2289. We would tell you intermediate and longer-term support but they are so far away, there is no need right now since markets are so stretched.
We could yap more but don't want to confuse the issue. Until we see distribution in the market...it is what it is. Do not fight it. Just keep in mind....it is now earning's season where a lot of playing fields are going to change.
Gary Kaltbaum
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