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These 3 Stocks Are The Strongest Leaders
Thursday December 1, 2:54 pm ET
By Gary Kaltbaum
Gary Kaltbaum is an investment advisor with over 18 years experience, and a Fox News Channel Business contributor. Gary is the author of The Investor's Edge. Mr. Kaltbaum is also the host of the nationally syndicated radio show "Investor's Edge" on over 50 radio stations. If you would like a free trial to Gary's Daily Market Alerts go to www.TradingMarkets.com or call 888-484-8220 ext. 1.
GOOGLE dropped $20 on Tuesday...the week it is on the front cover of Business Week. Love that front cover indicator. Maybe it goes to $4000. It is just amazing how these covers continue to highlight things AFTER the move.
Finally, a pullback...but not all pullbacks are alike. So far, it has been modest but I still need to point out a few things.
FINANCIALS were the culprit yesterday. All one has to do is to look at the "V" shaped move in the RKH and the names that make it up. So far, this is a normal pullback off of stretched and extended conditions...but...watch to see if FINANCIALS have topped. There is a chance of that. If this is the case, it will pull an important linchpin for the market as FINANCIALS are over 20% of the S&P.
The S&P (CBOE:SPX.V - News) has pulled back a wee bit. After the one month, straight up parabolic move, it was due. I suspect it will find support in the 1230-1240 range.
The SOX (AMEX:SOX.V - News) continues to outperform. I continue to stand in amazement at all the warnings coming out of this group, only to see them ramp up. Like everything else, it needs to rest. I would rather see a pullback before any breakout to new highs.
GOLD/SILVER stocks continue to underperform the metal. In fact, I believe a near-term top might have been put in yesterday.
Google (NasdaqNM:GOOG - News), The Merc (NYSE:CME - News), Apple (NasdaqNM:AAPL - News)...I mention these because they have been the strongest leaders. Leading stocks always need to be watched. CME is getting wacked this week but has yet to break moving averages. As I said, GOOG has come under pressure but looks to still be in fine shape...just extended. AAPL is never going down...ever again. In fact, I believe they will come out with an I-POD that will make pizza and beer, walk your dog and clean your carpet...I don't think I am kidding.
Lastly, not to throw cold water on anything but I hear no one saying December will be a down month. Everyone is saying we are going to rally into year-end. HMMMM! Time will tell.
Gary Kaltbaum
The World's Largest Site For Traders -- www.tradingmarkets.com. Visit us now.
Thursday December 1, 2:54 pm ET
By Gary Kaltbaum
Gary Kaltbaum is an investment advisor with over 18 years experience, and a Fox News Channel Business contributor. Gary is the author of The Investor's Edge. Mr. Kaltbaum is also the host of the nationally syndicated radio show "Investor's Edge" on over 50 radio stations. If you would like a free trial to Gary's Daily Market Alerts go to www.TradingMarkets.com or call 888-484-8220 ext. 1.
GOOGLE dropped $20 on Tuesday...the week it is on the front cover of Business Week. Love that front cover indicator. Maybe it goes to $4000. It is just amazing how these covers continue to highlight things AFTER the move.
Finally, a pullback...but not all pullbacks are alike. So far, it has been modest but I still need to point out a few things.
FINANCIALS were the culprit yesterday. All one has to do is to look at the "V" shaped move in the RKH and the names that make it up. So far, this is a normal pullback off of stretched and extended conditions...but...watch to see if FINANCIALS have topped. There is a chance of that. If this is the case, it will pull an important linchpin for the market as FINANCIALS are over 20% of the S&P.
The S&P (CBOE:SPX.V - News) has pulled back a wee bit. After the one month, straight up parabolic move, it was due. I suspect it will find support in the 1230-1240 range.
The SOX (AMEX:SOX.V - News) continues to outperform. I continue to stand in amazement at all the warnings coming out of this group, only to see them ramp up. Like everything else, it needs to rest. I would rather see a pullback before any breakout to new highs.
GOLD/SILVER stocks continue to underperform the metal. In fact, I believe a near-term top might have been put in yesterday.
Google (NasdaqNM:GOOG - News), The Merc (NYSE:CME - News), Apple (NasdaqNM:AAPL - News)...I mention these because they have been the strongest leaders. Leading stocks always need to be watched. CME is getting wacked this week but has yet to break moving averages. As I said, GOOG has come under pressure but looks to still be in fine shape...just extended. AAPL is never going down...ever again. In fact, I believe they will come out with an I-POD that will make pizza and beer, walk your dog and clean your carpet...I don't think I am kidding.
Lastly, not to throw cold water on anything but I hear no one saying December will be a down month. Everyone is saying we are going to rally into year-end. HMMMM! Time will tell.
Gary Kaltbaum
The World's Largest Site For Traders -- www.tradingmarkets.com. Visit us now.