Some positive comments. He thought it was bullish because volume was heavy and it undercut the lows, but moved higher. He's resetting the counter....and looking for a follow through day from day 4 - 10. Monday, being the soonest. He's still waiting for confirmations: finger in wind, ear to ground. His track record has been pretty good.
We'll see.
5 comments:
I like hearing Gary Kaltbaum's POV.
Thank you so much for bringing the RD (Readers' Digest) version to those of us who can't listen. Much appreciated!
I think the market may be a bit to negative. I for one think we find a bottom in equites very soon. When that happens all other markets should stabilize as everything is trading off equites at the moment. I do feel the U.S. economy is slowing but a soft landing and no recession is what I foresee
Banker, I agree with your first point. I'm having trouble reconciling the heavy reliance of our economic recovery on the residential homebuilding industry with its now-precipitous decline...which I think is just beginning. Yes, I think that the homebuilders have been clobbered, but they were the first line of assault. What about the regional banks who likely were lending $$$'s to local builders. I've not seen ANY full discussion on this. Though, I will say that R. Suttmeier on TSC has been warning of the these exposures.
In 1991 (the-oh-so-long-to-be-called-recession) our local banks (but they were all of the big banks, that Russell's NC banks swallowed whole and stole from Richmond's financial epicenter!) were very exposed to the NOVA real estate market. That market was hot, hot hot. Then it went into deep freeze. Underwriting (though soul-less devils) clamped down hard. I then spent some months dialing for dollars as the company that I worked for now presented more risk than they wanted (though everything was amply guaranteed). Terrible time. I cursed by banker daily. It was Chinese water torture...we had an ABL and each month they ratcheted down our advance rate by 10%. But, I was so thin--college thin--svelte and strung out to the wire. Cash flow a day to day chore. Oh...I still remember it so clearly. But I'm a better person for it.
Ya'll who would like to meet Richard Suttmeier (if you're near NYC)can enjoy the pleasure at next Tuesday's (March 20th) SIRE's (Society for the Investigation of Recurring Events) meeting.
For more information, write to: gmcreports@aol.com
I'll be there.
Join me!
"His track record has been pretty good." - Not sure how that is helpful to the average investor......
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