Investor's Edge with Gary Kaltbaum - Angry Seas!

Episode Date: September 12, 2023

garyK.com or https://garykaltbaum.com/Considered one of the finest radio shows on the markets, the business world and everything that affects them, Investor’s Edge with Gary Kaltbaum, a Fox News Channel Business Contributor, brings his in-depth take every day. If you want fluff, this is not the place. Gary is a hard hitting and pull-no-punches host especially when it comes to people in power affecting you and your money. His daily in-depth analysis on the markets is second to none.

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Terms apply. Lounge access is subject to change. See Capital One.com for detail. Investor's Edge with Gary Coltbaum. Straight talk about you and your money. Now from the BizTalk Studios, here is Gary Cultbaum. And welcome once again to Investors Edge. I'm Gary Coltbaum, your host.

A thanks for being with us today. Glad you're here, ladies and gentlemen. Happy that you are listening. It is Tuesday, September 12th, this remains the jet lag edition of Investors Edge, as I'm basically still on Dubai time. I went to sleep last night at 8.30, and you know how tired you are when you fell asleep doing Monday night raw, which I never miss, and I woke up at 1 a.m. and could not get back to sleep because 1 a.m. in Dubai is 9 a.m. So I got a lot of work to do over the next couple of days to get back on time again. That was my evening. I'm going to try and stay up as long as I can tonight. That's my big complaint of the day. Ladies and gentlemen, gentlemen, I forgot something yesterday. While I was gone, Jimmy Buffett passed away.

I have to thank somebody I haven't seen in ages. Lives in South Florida by the name of Rob Segal, who took me to a Jimmy Buffett concert many years ago. I would never have gone to see him. And it was just awesome. I had no idea about the parrot heads at the time. And he's just an absolute icon. Never met the guy, but I know people that knew him.

And he's one of these people that, how do I put it best? And I don't know how you do it. Cheerful, smiling, and all that. He died of cancer. A very, I think, rare type of skin cancer. cancer. I, you know, I knew that he was big time business, but he was a billionaire. They're building Margaritaville. There's the hotels, communities, go on and on. I love his music. I can't say that I listen to it all the time because, you know me, yes, Genesis, Rush, and Steely Dan and all the groups I tell you about.

But I loved his music. And just another, anyway, we're getting old, kids. We're getting old. Also, before I get going, interesting today, some news, that the Republican Party is going to do some sort of impeachment investigation on Joe Biden. and you know how I can't stand Donald Trump, but between Hillary Clinton and Nancy Pelosi and Schumann the like and that first impeachment on Trump that never should have been an impeachment, and the Russia collusion BS that nobody paid any price for, what do they say about Turnabout?

Now, you know what I think of Biden, him and his family are a bunch of corrupt, sleazy, slimy, pieces of whatever. And it's in plain sight, and you know it is because the media refuses to cover it. This is going to get fun. And, you know, I don't take any joy in this, but I must tell you,

we have this motto, and it really rings true. They all suck. Every one of them. They're all nauseating. Nancy Pelosi is going to run again, for election in her district that has been utterly destroyed and she'll win 90% of the vote because I don't know what the people are insane. None of the media asked Nancy Pelosi about our district

and what the hell's going on there. Just welcome to our world kids. Welcome to our worlds. By the way, I try to have the outlook like Jimmy Buffett, but when you're dealing with the people in DC, the numbers speak volumes. Next thing I want to cover. So, as you know, I believe Wall Street has created magnificent wealth and has done a lot of great, not just good. But there's also that part of Wall Street that pisses me off. In 2008, they got away with massive fraud. Nobody got indicted because of the closeness between the politics and Wall Street and the big money. People on Wall Street go into politics. People in politics go to Wall Street. Just disgusting. The other part of it is what Wall Street does to you and what they foist upon you,

an unwary public that's just trying to make some money. And we've warned you for years that you better know what you're getting into and you better know what bubbles are, you better know what valuations are, and don't believe a freaking word anybody tells you, including me, do your own investigation. And part of that is the SPACs, just a big gigantic freaking money grab

by the sleaze bags on Wall Street that put together these, really blind pools, and then they merge them with the crappiest of crappy companies to the point where I have one screen, one back screen, it's not a front screen, there's a bunch that came out of $10 at trading at $0.20. And then they're the crappy IPOs at the ridiculous valuations. And you really can't blame Wall Street. You've got to blame the investors actually would buy it. Remember, Rivian, people were willing to pay for a company, a car company, that had delivered 40 cars to employees and given a market valuation almost as much as Ford and GM put together.

So why do I bring this up? Just in May, a company with the symbol SLRN came public. A biotech company. No sales loses bazillions. This is not a indictment of this company. It's called a celerin. We're not indicting the company. We're indicting Wall Street for putting it in the public domain.

Why? Because it was an $18 deal. Got it up to $30 three weeks ago. Oh, and in phase whatever trials, the drug did not meet its endpoint. It was down 54% today on a gap. Just another one. These companies should not be public. You know, when I started in this business, I started a penny stock firm,

and we would do blind pools, and we would do initial public offerings that had more sales than these companies. The differences, we brought them out at 10 cents with $3 million market caps. Wall Street's bringing these companies out at asinine market caps. This is Sellerin. Even with the drop today has a one point. $2 billion market cap with no sales, which means it had a $2.8 billion market cap at its recent high. So as we have highlighted so many of these throughout the years, as they show up, we're going to tell you about them again.

And to be fair, we miss the no sales biotechs that go up nice. there have been and there's been no sales biotechs that got bought out we just don't have the grapefruits to go to sleep at night wondering whether the placebo would do better than the drug in phase whatever trials and we've seen some stocks open down 90% overnight so just a word to the wise it's still going on and I was surprised to see this next we just want to bring up apple uh apple today actually finished down uh $2 in 91 cents i believe was down i believe let me make sure i got this right three dollars and six cents it was down today at one time today once it was down 450 they came out with the new apple iphone now i have not done my leg work

on it as of yet but there are some people that I trust in the business very smart techies to a person they were underwhelmed does that mean it won't sell well no it does not mean that but they were underwhelmed and and the question is how much more can they add to the iPhone where you just have to keep changing I must tell you I used to get every new iPhone I haven't done gotten a new iPhone now in two and a half years? I don't even know which one I have to be honest with you, but it works just fine. Anyway, up next, we'll continue on that, lots more. This is the one only Investors Edge.

Hi, I'm Gary Kalbaum, hosted a nationally syndicated radio show Investors Edge. We're not just handsome radio people. We manage investors' money for a living, specializing in fee-based discretionary money management. No big commissions, just a fee on the assets that's managed. We also provide a full range of personalized services, including retirement planning, fixed income, and educational needs, all to assist you in achieving your financial goals. Understanding not all individuals have the same needs, we'll carefully evaluate your personal goals to determine a proper investment strategy. If your current approach to investing is not getting you to where you would like to be, call us to make an appointment for a complementary portfolio review.

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Hey, this promises to be fun. Investors Edge. The last bastion of quality programming. With Gary Coltbaum. It doesn't get better than this. And welcome once again to Investors Edge. So just let you know Apple down about three bucks today, which is 50 billion in market cap almost.

stock is under pressure here trading below the 50-day moving average and just remember we bought the stock I think in May sold it right before earnings half of it and then sold it after earnings when it gapped down we made money on both sides we don't own it now but I've been I've been worried about the company not I take that back not the company but the price of the company it is trading right now at a price earnings multiple double what its norm has been for the last decade plus while their earnings and sales have had a pretty damn big deceleration from the past. So we'll see how it plays out.

Still one of the greatest stories in the history of business, but have they met their wall of growth because as you, get bigger and bigger, it's tough to grow at a percentage rate that you used to in the past. It's simple as that. We'll see. All we know right now, the stock's trading under the 50 day. It's under distribution. You got the China thing going on where China's kind of like taking it away from the government and other entities to use Apple stuff. We'll see. Next, Oracle. Now, we don't usually single. out things but Oracle today was down 17 bucks on their earnings report down to 109. 13.5%

that's pretty big for that. Was down 19 and change. I guess they said some things the market didn't like and the market came after other software names on top of that. So it was somewhat of a rough day. Adobe down $24 today. Mind you, they report on Thursday anything's possible. But as I go to my software screen, Service Now down 17. Synopsis, 7.5, Palo Alto, 7.5, Viva Systems 9, work day, 4. Z scale 4, almost 5. I can go on and on. Oh, Microsoft was down 6 bucks today. So just letting you know some definite spillover. that's the good words spillover from what oracle said and we'll see how it plays out the other part of the equation on oracle and this is the important real important part is the NASDAQ and NASDAQ 100 the RISCON index yesterday was up very nicely gave it all back today the next day

not sure what that means but it's not good news on top of that the M-I's continue to be pretty weak. We'll see how it plays out, but Heed, Heed, Heed, as it was a rough, rough day, and I've yet to do my scans, but I'm pretty sure I know I'm refined. You had a nascent rally in some mega-cap names back above moving averages, and guess what they did today? Couple right back below. Stay tuned. We're still in September. Could get interesting.

Just remember, we have no bias. So today's market wrap brought to you by Investment-Dashmodels.com. That's Jim Moraback. One of the great market timers. No gray areas with the man you're either in or out of the market with his proprietary indicators. Go check it out. Investment-dashmodels.com. The Dow is only down 17.

but the NASDAQ was down 144, NASDAQ 100, down 172, and you know what we'd rather have. We'd rather have the Dow down 200, the NASDAQ up. That's risk on. And it was just a rough day overall for Techland, just a very rough day. And they came in as much as they bought up the mega caps yesterday, they sold them down today, starting with Apple. But they got Netflix for 10. mentioned Oracle and Adobe, Microsoft 6, Meta, Facebook 6, Tesla 6, and you had that kind of sort of target raise yesterday that had a scratch in our head on Tesla.

Welcome to my world. Transport's down 83. Advanced declines weren't so bad, but they came after the mega caps today, just like they bought them up what did stand out today oil oil prices up another buck 60 were at 89 bucks oil stocks had a good day I have yet to do those scans I'll let you know also financials were had a good day they were off the highs Goldman Sachs at one time today was up 10 and a half finished up six and a quarter they had an investment conference a conference a bunch of banks what are they going to do come out and say oh we suck not

they all said something good surprised they all didn't mention artificial intelligence but they had a good day today though off the highs at one time today I think the Dow because of the financials and some other stuff the Dow yeah 30 Dow had 34852 205 the Dow is up 190 and finished down 17 in fact the Dow was up 190 and at around 1.35 p.m. A little before the close was actually down about 60, before bouncing to be down 17. And the story today was Goldman up six and change,

J.P. Morgan up almost two. But on the downside, you had Apple down three, Amgen down five and change. I don't know what's going on with them. Home Depot down two, and as we said, Microsoft down 620. that ain't no hill for a climber just we use words like mushy we use terminology like chopped up NASDAQ that up 150 yesterday down 150 today that's what we mean by chopped up but when all is

said and done we're looking for the major trends and all we can tell you right now the only real trend is oils and really they haven't broken out to highs most of the oils there's some and coal stocks there's your names with trends and a few selective other things but overall it's energy coal and I am hard pressed to find much else and that's not good news what you want is good uptrends definable and let's just assume we know what an uptrend looks like we're choppy and we did not like the way the NASDAQ finished today by the way the NASDAQ volume was heavier than yesterday and the NASDAQ having trouble in and around the underside of the 50-day moving average today tomorrow's another day up next

this, that, and the other thing. This is the one to only investor's edge. This message is brought to you by the Capital One VentureX card. VentureX offers the premium benefits you expect, like a $300 annual Capital One travel credit for less than you expect. Elevate your earn with unlimited double miles on every purchase, bringing you one step closer to your next dream destination. Plus, enjoy access to over 1,000 airport lounges worldwide. The Capital One Venture X card. What's in your wallet? Firms apply lounge access is subject to change. See Capital One.com for details. This episode is brought to you by Spreaker, the platform responsible for a rapidly spreading condition known as podcast brain. Symptoms include buying microphones you don't need, explaining RSS feeds to confused relatives, and saying things like,

sorry, I can't talk right now, I'm editing audio. If this sounds familiar, you're probably already a podcaster. The good news is Spreaker makes the whole process simple. You record your show, upload it once, and Spreaker distributes it everywhere people listen. Apple Podcasts, Spotify, and about a dozen apps your cousin swears are the next big thing. Even better, Spreaker helps you monetize your show with ads, meaning your podcast might someday pay for, well, more microphones. Start your show today at spreeker.com. Spreaker, because if you're going to talk to yourself for an hour, you might as well publish it. This message is brought to you by the Capital One Venture X card. Venture X offers the premium benefits you expect, like a $300 annual Capital One travel credit for less than you expect. Elevate your earn with unlimited double miles on every purchase, bringing you one step closer to your next dream destination. Plus, enjoy access to over 1,000 airport lounges worldwide.

The Capital One Venture X card. What's in your wallet? Terms apply. Lounge access is subject to change. See Capital One.com for details. We're listening to America is talking. Investors Edge.

He's got to be pleased with that. The crowd is just on his feet here. He's a Cinderella boy. With Gary Colbomb. It comes highly recommended. You're going to feel better if you talk to him. And welcome once again to Investors Edge. We didn't talk football yesterday because my Giants lost 40 to nothing.

And look like the south end of a northbound jackass. As you know, I'm a maniacal Giants fan. I'm not really a Jets fan at all. But wow, what bad luck last night. Aaron Rogers comes to the Jets. And it looks like I got a pretty good team. Fourth play goes down. Didn't look like a tough tackle or anything.

Tours Achilles out for the year. Boy, that sucks. Feel bad for them. I hate injuries. My fantasy football team, absolute horror show I ended up this for the first week

I played against the Dallas defense who played against my giants 40 to nothing with two touchdowns on the defense that's how bad that was so I'm 0 in 1 going into this year going to next week

the name of my team is Maui Strong as as you know Maui is my home away from home I don't own a home there but I've been there a dozen times and we have a place we usually go to. Haven't heard much on what's going on over there, but we're keeping an ear to the ground. That's our sports for the day. You can see how depressed I am. I fell asleep at the Giants game, but I've been watching video. It's going to be a

rough week of practice for my Giants. And I hate saying this. Dallas. looks like this could be their year. If there's anything I hate in this world is seeing Jerry Jones smile. He may have some smiles on his face this year. They look good. I hate saying it. They look really, really good. In the news, and I got to tell you, this one's weird.

Did you hear about this? The FDA now comes out, an FDA panel. has come out and agreed unanimously that a common decongestant ingredient ingredient using many over-the-counter cold medicines doesn't work. These medicines have been for sale forever. Sudafed, Tylenol-cold and flu, NyQuil-severe cold and flu, theriflu-severe-coldin-few, mucinex, sinus max, and others.

They say they just don't work. You know, I don't really take a lot of medicine. I think in the past I may have taken one or two of these things. I don't know if it worked or not. The ingredient has long been considered safe and affected. Under an old, outdated agency standard, the FDA still says it's safe, but it just doesn't work. I think it's called phenylophrin and whatever.

Anyway, just letting you know, aphrine, flonase, nasal steroids also. Now the FDA's telling us this. Yay, it's good to know. I got a few other things I have to mention. I did a dissertation again yesterday, and we'll keep doing it on what's going on. with the size of government and the debt and the deficits, $2 trillion this year. I got to read something to you.

And if this doesn't piss you off, I don't know what does. The Biden administration has given a $2 billion subsidy to Bill Gates. To develop exotic, fast nuclear reactors, which originally would design explicitly increased supplies of plutonium. His nuclear energy startup terra power promises not to use them this way, but the reactors are so expensive. The guy's worth a hundred-some-odd billion, and two billion of our tax dollars are being given to this guy.

This really sucks. I don't even know what to say. The things that they're doing in D.C. Just leave me speechless. The money that's being handed out is sick. We already have told you about the $380 billion going to one man to dole out. for climate and just so you know a subsidy is something money that's granted by a government

to assist in an industry not to give it away on an industry that's not even there to a guy that's worth a hundred billion dollars it's sickening and nobody cares we do I had to mention that and you keep asking, well, what does it have to do with the markets? Everything. We're going to have $2 trillion deficit this year. A ton of the debt is rolling over in the next year or two at higher rates, which means more of our tax dollars are going towards interest. They're killing us.

$2 billion to Bill Gates. They didn't give it to Gary Kaltbaum. They didn't give it to you. Why didn't you get any? Why did Bill Gates get? Just so you know, it's a startup. Oh, you got to know somebody. Just got to keep mentioning these things to you.

I want to rile you up a little bit. No, we don't want you getting crazy. We just want you engaged in what they are doing. Their hope is you are paying more attention to your life, and they know you are. That's how they get away with it. $2 billion to Bill Gates. $380 billion to John to Podesa, a democratic hack to give out for climate. Do you think there'll be any accountability?

That's only $380 billion. Back on markets, I never like when they're taken down NASDAQ types. They have been under pressure. The head honcho, top dog big cheese apple under pressure. The other head honcho top dog big cheese apple. NVIDIA, closed today, under the 50-day moving average. Don't think that's thrilling. If they worsen, you can almost be assured that the NASDAQ will come in even more.

The semiconductors, under the 50-day moving average, and did not finish well today. And the software. Oracle today put a little fork in things. knocked Adobe off its pedestal. Adobe Report Thursday. And then other software and other tech today just roughed up. It's not thrilling when oil leads. As we have told you, there is nothing worse fundamentally than the price of energy going up and the yields in the market going up.

That is your mortgages, that is your credit cards. that is your gasoline. If you buy tires, the price of the tires go up. If you buy solar panels, the price of them go up. Why? Because they're made with petroleum. Drivers, truckers, anything that moves has to pay more.

It is not a coincidence that airline stocks are suffering badly since oil prices got on the move. Up next, We'll continue with this. This is the one only investor's edge. This message is brought to you by the Capital One Venture X card. Venture X offers the premium benefits you expect, like a $300 annual Capital One travel credit for less than you expect.

Elevate your earn with unlimited double miles on every purchase, bringing you one step closer to your next dream destination. Plus, enjoy access to over 1,000 airport lounges worldwide. The Capital One Venture X. card. What's in your wallet? Terms apply. Lounge access is subject to change. See Capital One.com for details. This episode is brought to you by Spreaker. The platform responsible for a rapidly spreading condition known as podcast brain. Symptoms include buying microphones you don't need, explaining RSS feeds to confused relatives, and saying things like, sorry, I can't talk right now, I'm editing

audio. If this sounds familiar, you're probably already a podcaster. The good news is Spreaker makes the whole process simple. You record your show, upload it once, and Spreaker distributes it everywhere people listen. Apple Podcasts, Spotify, and about a dozen apps your cousin's swears are the next big thing. Even better, Spreaker helps you monetize your show with ads, meaning your podcast might someday pay for, well, more microphones. Start your show today at spreeker.com. Spreaker, because if you're going to talk to yourself for an hour, you might as well publish it. This message is brought to you by the Capital One Venture X card. Venture X offers the premium benefits you expect, like a $300 annual Capital One travel credit for less than you expect. Elevate your earn with unlimited

double miles on every purchase, bringing you one step closer to your next dream destination. Plus, enjoy access to over 1,000 airport lounges worldwide. The Capital One Venture X card. What's in your wallet? Terms apply. Lounge access is subject to change. See Capital One.com for details. listening to what are we waiting for well what are you waiting for one two ready

go investors edge with Gary colfba and what once again to Investors Edge well let's cover

some more nut houses in the the market remember I covered this Vinfast Vinfast it was a SPAC that merged

with a Vietnamese electric vehicle company. The SPAC went from $10 to $93 in a matter of days. It's back to 17. Up at 93, it was worth more than... Let me just say Tesla, Toyota, than VinFast. That's how crazy it is. And we also find out that one person has a ton of...

Most of the stock. Well, it looks like one person. They're selling 10,791,481 shares. Too bad they didn't sell when it was 90. Dudes, you got to watch yourselves. I hope you're listening. Just listening to us on what not will save you bazillions. There's so much chicanery going on.

I don't even know where to begin. I don't know how these things get into the public domain and at the prices they get in but we'll certainly cover we'll cover them as we go forward other things Walgreens

lowest closing price since October 8 Walgreens they put it in the Dow Absolute destruction Walgreens in CVS drugstores gargantuan bear markets we've had accounts transfer in with the stocks and we're just stunned that others would just hold on to these things as they just keep

you know where I stand AMC who warned you we just want to let you know AMC how to do a 1 for 10 split recently the stock is down we don't make this up from June of 21 3994 that's the post you know the split it's $7.56 now what did we warn you about it's simple what's our canned line when they had the short squeeze last February and last December what was our line when they had another the little short squeeze for one day in July. What was our line? When all is said and done,

they will take these things to what they're actually worth. That's how it's gone. And whether it's the game stop or this, a lot of, do you remember another SPAC Virgin Galactic? That's Richard Branson. It's two bucks. Two bucks. A SPAC. They had it up to 60s. $53.3. Down to two. I don't need to do too many more of these, but it's of note that is still going on.

They just brought out, as we said at the outset, a biotech with no sales. That's down 50 some odd percent today. Housing more of the same. Here is the story. J. Powell rigged the markets.

Distorted the hell out of them. enabled you to get mortgages at very low percentages by rigging those markets and screwing savers. Now that he's no longer rigging markets because he can't printing money, buying up the bond market, interfering with the free markets, rates have spiked, which is basically every, one that got those low mortgages, low yield mortgages, refinanced down there also, ton of refinancing. Why would anybody want to sell a house now and get another house at seven to half? It's a huge difference. Just another distortion. Inventories in many areas of the country, very low, just because of that. the amount of inventory, housing inventory, is pretty much at record lows at this juncture.

That's the story there. And my worry is, not a prediction. Every distortion J. Powell created by playing God ended up being a disaster, including the banks that had to go long, just to earn a little bit of money. and in case you don't know Jay Powell the central bank is down over a trillion bucks on their own purchases but that's fake money and Bank America and other banks are down huge

they're just praying nothing bad happens because the good news is if they hold them to maturity no problem except if you decided to buy those Austria bonds at 8 tenths of 1% 100 year bonds You're gonna have to live 100 years to get your money out

Those are down about 60 some odd percent Distortions Of one man Who's still running the show And we expect good things to come of it Whenever I hear somebody on TV praising them Talking about them

There was an article about them By some famous economists last night About what they're going to do and how powerful they are well they are powerful when they're printing money there's no power now and fingers crossed the bond market doesn't take another dip and yields go higher you have a great evening drive carefully wish i'd better news for you today but terrible nzda when you get home do like we do it's quite simple make sure you hug your family make sure you hug your children they will feel better you will feel better and if you jet lag like me stay up as late as

possible or you're screwed. Peace out all until tomorrow. Have a great evening. Bye-bye. This has been Investors Edge with Gary Cult Bomb on BizTalk. To listen to past episodes or to get in contact with Gary, go to GaryK.com. That's GaryK.com.