Gary Kaltbaum on his radio show today:
“We open up strong – we get destroyed into the close. That is the definition of bearish action in the stock market. You need to know this. I’ve told you this a hundred times in the past years, I’m going to say it again: In bullish markets, you get bad opens and great closes, in bearish markets, you get big opens and bearish closes. Today was the definition of that.”
“The fact that we can only go up for one day, and now just turn down badly and break those lows today, is the definition of a bear. And when you cannot bounce when you are oversold and extended to the downside, it tells you how weak things are. Let’s do the opposite: in bull markets, you’re up 500 points on the Dow and it won’t pull back 10 points. That tells you how strong things are, regardless that things are extended to the upside. So we’re getting the opposite here.”
Here’s the link to the mp3 file of today’s show if you’re interested in hearing it all.
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