- Ever listen to financial radio guy Gary Kaltbaum? Maybe you've seen him on Fox's saturday morning business shows. Yeah, he does kind of look like Super Mario. Yesterday afternoon, he said that yesterday was the end of the market rally and that the market was going back to test the lows. Oh, the Nasdaq is currently up 39. Maybe he's "early." He also boasts that he's been "110% right about this market" and called the market top on May 11th. I heard him then, and he did make that call. The SP500 closed on May 11th at 1303. As I type, it is 1278. From Kaltbaum's show, he indicates that he's on the sidelines. So, he's avoided a 25 point loss. Which is about 2% from his sell signal. Not including trading costs, taxes, or any dividend distributions. Just saying. I think the "Super Gary-o" pic holding a mushroom might be appropriate. He does have an entertaining radio show, though. And I suppose one can say that we're in summer trading range so far, and at least Super Gary-o is making some money market interest waiting it out. Although he does say that he thinks we're in a bear market. It'll be interesting to see if he goes bullish and what levels he buys in at. Or, if the market turns back down and proves him right. We shall see.
- Looks like the monthly strength action is alive and well. But I have to be honest with you. When the market opens and within a few minutes I see the index up quite a bit, my first reaction is "Aw, crap. This is going to be sold. Those poor suckers who are buying this open." Not the case today. Lets hope the strength from us lemmings doing our monthly 401k additions pushes the market up and over resistance on decent volume, so that the technical analysis lemmings can buy the breakouts.
- Tony Blair to press President Bush on a UN resolution on the Middle East crisis. What kind of resolution would that be? "Quit killing each other. Stop the hate. Give each other a big hug." The terrorists have made it clear that they want to destroy Israel. I can't blame Israel for self defense. And I have doubt whether an international peace keeping force between Israel and Lebanon would stop the violence. I think the terrorists would still figure out a way to blow up malls and school busses in Israel.
- I've made my decision on the job offer from the Salt Mine. More money, but no. I have a "been there done that" feeling about that place. I didn't like working there before, and even though it's a different job in a different area, I still have an uneasy feeling about their organization.
