Investor's Edge with Gary Kaltbaum - ELECTION DAY NONSENSE

Episode Date: November 8, 2022

Follow Gary on GaryK.com or http://garykaltbaum.com

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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 Coltbaum. And welcome once again to Investors Edge. I'm Gary Colbom, your host day.

Thanks of being with us today. Glad you here, ladies and gentlemen, happy that you are listening. It is Tuesday, election day. I believe we're talking November 8, 2022. And I wish I had two hours today, so we're going to just start, get going. You know many times we have said to you on this show? We hope you listened. Since February 21st, I'd say about a thousand times. No, really. That means we would have said it more than once a day. Twice a day. You know what we've been saying on the coins? Let me refresh

your memories. First, disclaimer. I wish I owned Bitcoin 12 years ago, a 10 years ago, when it first came out, I wouldn't be talking to you right now. The people got in and the inception made their multi-billionaires. You know what the problem is. Everybody started hearing about it in the latter stages of it, just like Bubbles work. In 2016, the symbol GBTC went from a buck up to 38 bucks in a year. In 19 went from 366 up to February 21, 58 bucks. That's the Bitcoin. That's the GBT.

Here is what we told you three years ago. And I quote, 90% of the coins will drop 90% or more with most going to zero. We went on to say, but we think. think there may be a couple that are so owned by just a select few people so much owned that they can never sell, thus those may stay up.

At least not go to zero. Little did I know. I didn't even know. Mr. Gary, your handsome and buffed host, who reads everything. I had no idea that the con artist, the crooks, the criminals

came out with 20,000 plus coins. I had no idea. And just so you know what that was, ladies and gentlemen, that was just trying to come out with coins and hope you hit. And some of them did good for a while. By the way, just recently, remember Doji Coin went up to 12 cents and I said it's going to go right back down again. It's back to eight. That went up because of Elon Musk and Twitter and maybe it was going to be used. So let me explain for each and every one of you. It was a bubble. Think about it. Coins? A coin? Dennis Rodman came out with a pot coin. Mark Cuban I read came out with a coin that went to zero overnight. And I'm looking at this list of coins here stunned by the names. Pancake swap. And just so you know, as I look at this, some things still have a market cap in the billions in the billions how did I know it was a bubble how did I know it was a bubble because there's nothing behind it nothing to back it at all it was quite simple it's just a coin

there's no earnings in sales no products no nothing it's just a coin It's like a baseball card or a beanie baby. It's all about is somebody going to pay a higher price to bail me out at my price? And then they screwed up. They brought out 20,000 coins. They diluted the hell out of each other at the most inopportune time. So we pleaded, preached, begged on this show, on TV. I told Neil Cavuto 18 months ago, they never hardly.

ever asked me about this. They asked me about the coins one time. I said 90% of the coins are going to drop 90% of more with most going to zero. I'm bringing this. And just so you know, all you have to do is be logical. Just be logical. That's not to say in the middle of the bubble. You can't make ridiculous amounts of money. GameStop went from a buck to a hundred. with the splits in a matter of three, four months. So you could have paid 50. It was up 50 times the money, and I would have yelled at you if you bought it at 50,

and it still doubled. It went from 1 to 20 first. It was up 20-fold. I would have yelled at you. Are you nuts? It went up another five-fold. What's my quote? Eventually, they all come back.

they eventually all go back to where they came from. I bring this up because overnight some news, not unexpected by me, and some blow-ups. Go read up, I'm not even going to spend time on it, F-TX and Binance, tensions between crypto giants.

F-TX hit by $1.2 billion in withdrawals as confidence waivers. There was a coin overnight that went from 23 down to 6. I guess they're saying FTT coin. A $990 million leverage position on FTX native token FTT was just liquidated after March calls, so it was also leveraged.

They went after the Bitcoin Ethereum today also. If you look at the GPTC, it broke down below the last four months. of range at the lows. The Ethereum, almost the Bitcoin price I'm putting up 18267, it broke that important. 20,000 mark. Anyway, Miami came out with a Miami coin. It's down 90-some odd percent. Some famous hedge fund people in the mid-latter stages bought into this and touted the living hell out of you to buy. They're getting destroyed now. And some had a sell out to others. They're a tout artist still being paraded out there. Got on the bitcoins, got on the bitcoins, because this, that, and the other thing, this that and the other thing, this that the other thing.

It's just a freaking coin. It has nothing to it. Now maybe one day the dollar is going to be replaced. It ain't going to be by this. It was a man. massive bubble and an unwind. And then you had a lot of creeps involved, micro strategy. Here was a computer software company where this idiot took all the money and bought Bitcoin. The stock went from $1,315 down to $211. And the new CEO ain't doing crap with it. And then you have the things like, who warned you about Coinbase? Remember, it came public to trade a bubble. $250 deal, as high as 429 in the first week, closed a week at 310.

Still has an $11 billion market cap at $50. So that almost $100 billion market cap when it came public, they're losing their arse. 50 bucks. too expensive here. Up next, we'll put a bow tie on that, and man, so much more to discuss today. I'm Gary. This is the one only Investors Edge. Hi, I'm Gary Kalbaum,

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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. It's time to switch on the integrator units and get the brain cells working. You're listening to. Hey, this promises to be fun.

Investors Edge. The last bastion of quality programming. With Gary Coltbaum. It doesn't get better than this. What else? Celebrities and athletes touted you on the coins. Gotta buy the coin, got to buy the coin, got to buy the coin. Don't miss out.

Got to buy the coin. I saw somebody on TV. I think I told you this because I got so pissed off. There was somebody on TV a couple months back. Maybe it was four months ago. Oh, they're down so much. It's a great value here. And I'm just waiting for somebody to say, based on what?

Because you know they couldn't answer that question. Hama, ha, hama, hama, hama, hama, turned into Ralph Cramden. Popular songs. Go watch the show. It was a bubble. And where it stops, I don't know. But as I look on this...

I have this little website. It shows all the coins. There's 20,000 of them. I mean, holy crap. Guess what? They were all down big today. But most of them are zeros. Nobody says that.

By the way, here's a coin. Happy Duck Farm. By the way, I'm not making this up. they were trying to screw you the King ape token that's a good one Wolfdog, Monster Valley Fat Doji

What is that an overweight dogey And as I go through these pages They're all zeros They tried They try to scam all of you Fortunately a lot of them never got off the starting block We just want you to remember all this markets are not easy.

Don't make them tougher. And I'm going to say this. This is going to be more bubbles down the road. If you catch them early, you can make some big coin. What's my final line in all of this that I've said a billion times? Don't be the last one in. Don't be the last one in. And as of today,

These schmucks These scumbags are still touting you on them In hopes that they can get bailed out You all know where they're sitting right now, right? I just want to get out You know what their problem is They can't even sell in size now You can always

How do you know you have a strong market or a weak market? Try selling But here's one Lucky Pig That's a nice name for a coin just a bunch of freaking tout artist creeps came after you selling you on dreams

on coins where 90% of them were going to go down 90% or more with most going to zero and it's exactly what happened and again though I freely tell you I wish I was in day one and as you know they did them with the short squeeze stocks

they did them with marijuana To this day, the marijuana skanks are out there yelling and screaming at you. You gotta own them, they're such a value. You know, most of these people are down 80, 90 percent. They can't even go to the bathroom at night anymore. They're living on Maylocks. They want you in so they can get out. Amongst a lot of other crap, the SPACs.

You gotta do your homework. And you know what the amazing part? Have you read about this Theranos? This woman. was on the cover of Fortune and Forbes, all the magazines and newspapers, Elizabeth Holmes. Jim Kramer called her the next Steve Jobs. By the way, I'm not indicting Jim Kramer.

I'm just telling you what he said. The women snow-jobbed everybody, and all anybody had to do is test out the equipment. It wasn't working. but they got caught up. They got caught up. It's her. Whoa.

Do your homework. If you don't know about Theranos, go read up about it. She raised more than $700 million from venture capitalists and private investors. It gave the company a $10 billion valuation in 2013 and 14. And they didn't have squat. Safeway invested $350 million. for 800 locations. Walgreens were offering in-store blood tests at 40 locations, and on and on and on.

A who's who of famous people gave a bunch of money to it. So they're even caught up with it. Do your homework, kids. If there's anything we can preach and teach, do your darn homework. Next. Hey, just let you know there's a storm coming here in Florida. just let you know it's not a bad one though

but it's coming right at us right here in central Florida next we have an election going on we'll find out everything tonight and you know we've been saying it for three months now that they're going to beat the pants out of them in the house not sure about the Senate but definitely the momentum

in the last three four weeks is on the side of Republicans because the left the party is complaining we had bad messaging no you're a bunch of imbeciles. How do you not? How do you not join in on crime? Instead of saying we're going to fight crime, we're going to do our best. Oh, the Republicans are not telling the truth on crime. While video after video, it's their policies. As a leader of a city or of a state, how do you

not fight crime first and foremost? How do you not put people in jail that continue to commit crime after crime after crime on your citizens who are living lives of legality. That was number one. And then the inflation, the reaction to the inflation, moronic. Besides the policies, imagine, you raise taxes on corporations, coming out of a pandemic in a fragile economy, you give away money like it's lollipops so you can get votes. So that'll be the night. Just letting you know here, this is my small sampling.

I drove around today and this was weird. And then maybe not. Oh, that's my music. Up next. We'll do this is weird part. Then we'll hit the markets. Got a big change for you today. I'm Gary.

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 Capital1.com for details. This episode is brought to you by Spreaker. The platform responsible for a rapidly spreading

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someday pay for, well, more microphones. Start your show today at spreeker.com. Sprinker, 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 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? 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. So let me tell you what I saw today with my little sampling, and not so small a sampling. I live in Seminole County, Florida. In my district is Stephanie Murphy, who is retiring from politics for right now.

She's a Democrat. She won the election as a Democrat. And by the way, I like her. And you know I can't stand the party. She's been one of what I would call sane people, though she's, You forced to vote party line. I like her. Interesting today.

In Seminole County, a district that has Stephanie Murphy, a Democrat. As I was driving around, I saw maybe, I'm going to guess, 250 signs, Ron DeSantis, not one sign Charlie Christ. I saw, in the rain, I'm going to say two dozen people with DeSantis signs. Not one person, Charlie Christ, governorship. In a district where the Democrats represents. Interesting, huh? You know what that is, I think? Give up.

I'm pretty sure DeSantis is winning by double digits tonight. Anyway, just letting you know I saw that, and we'll discuss that more tomorrow. What else? Oh, on the election front, I watch some political operatives today. you know those dunk tanks at carnivals where somebody sits in the dunk tank and you throw a ball and it hits? I think these political operatives that have absolutely no soul whatsoever except cash, we should be able to put them in a dunk tank in kind of like zero degree water. What do you think?

and then make them eat ghost peppers. They're just nauseating human beings. And you know, they never leave. They had a couple of people on today that were from like Clinton's election. They never leave. That's just the last thing on the election. But I'm going to finish up with this. You know what mediaite is?

It's this thing that covers the media and what goes on. Let me tell you the headlines today. You ready? Marshall Blackburn pledges GOP will go scorched earth and halt federal spending salaries and hiring if they win. Now she's full of crap. Another Republican that did nothing while Trump was president for four years and spent like crazy. Next. Carrie Lake, Arizona delivers ominous warnings to reporters at press conference.

I'm going to be your worst freaking nightmare. Gee, that's going to help relationships. Wonderful. By the way, she used to be a big time liberal. Do I have to continue? It's, you know, I can go both sides. James Carville, he's like from the Clintons, warns Democrats, messaging needs to improve for 2024, regardless of midterm elections.

No, Jim, you got it wrong. It's not the messaging. It's the Marxism and the control freakism, Jim. And that's your election coverage for tonight. We'll do more tomorrow after all the numbers come out and all that crap. Oh, yeah. And they say we're going to lose democracy if Republicans win. Ladies and gentlemen, if we ever lose democracy, it's because all of them and the debt.

We're $31 trillion headed for $40. Okay. Let's see. Boom, boom, boom, boom, boom. I think I covered it all. Let's do today's market wrap brought to you by Investment-Models.com. That's Jim Rohraback, 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. You ready? We were up 500. Then we were flat in like an hour and a half. And they were back up 500 with about 10 minutes to go. Finished up 333 on the down. The NASDAQ was up 200 and then it was down 90.

It dropped almost 300 points. in that hour and change. Finished up 51. With those numbers on the NASDAQ, only 22 up, 20 down. And more new lows on the NASDAQ than new highs. On the New York, new highs and new lows were about even. With the Dow P 333, the S&P up 21, NASDAQ, 51, NASDAQ, 182, SOX up 52. Transport's up 105.

Small caps were flat on the DHS. day. What caused the market to shake and shudder? I have no clue. Remember, last week, we reversed down a thousand points. And then we rallied up strong for two days and then today. And then reverse 500 points in an hour and a change. The NASDAQ reversed 290 points before recovering. Tamara, I have no clue. Just to tell you, the Dow is stronger than the S&P, which is stronger than the NASDAQ. You got a better bid today from the semiconductors, which finished above the 50-day moving average day for the first time since early August, which is somewhat good news. We'll see what happens tomorrow. But just as I look around, oh, what else? Financial's a little

bit green. It was Dow again. Amjet up 13 today. Was up almost 20? 13 is the equivalent of about 90 Dow points. And really nothing was down in the Dow. United Health up 8. That's about 50 Dow points. DuPont up foreign change on their nothing earnings. Flatish. But I have Disney in the aftermarket. Close at 9990. I got it 9330 in the aftermarket. They miss numbers. As I look around, little bounce today in, let's see, what are my got for in bounces? The beaten up brutally destroyed, high beta software techie type names. They bounced a little bit today. Not all, but they did.

In the big names, Tesla down another six. Netflix bounces five. Apple was only up 50 cents. By the way, Zuckerberg confirms there firing a ton of people at Facebook. That was down a little. And little bounces today in Salesforce.com, Microsoft, Adobe, AM. as I mentioned the semiconductors. Oh yeah, I mentioned maybe a little change.

Yeah, maybe. When you have a chance tonight, I want you to go look at the GDX. It's gold miners. And just notice maybe a change of trend. It looks pretty decent. I'd like to see it pull back here and retest a little bit and hold. Go look at GDX.

Then go look at GDX, which is the junior gold miners, which are a little more wippy and risky than the GDX. Go look at GLD, the gold. Nice move above the 50 day today. And that really is the first decent close above the 50 day on the GLD since April. And silver, we mentioned two days ago as possibly emerging. Remember two days ago? What is it?

Was that Friday? Yeah, it was Friday. And a little bit move higher today. I'd be watching those now. And I don't think I've said that in forever. I think the last time I said watch GDX was February of 22, and it actually rallied for a few weeks. We ain't promised you anything.

We're just letting you know. That was a good move. And of course, there has to be a rhyme and a reason. If you look at the dollar, UUP, it's the dollar index. It's below the 50-day moving average. And let's see what happens there. And just so you know, direct correlation. This dollar topped down about five weeks ago.

September 28th, but then really topped out on October 13th. Guess what October 13th was? The low in the market. You got that? And you know what the confirmation day was October 21st, the Friday? Guess what that did that day? A bad dollar drop. So there's a little correlation there.

How long at last we don't know? I will tell you that yields came down markedly today. 10-year 4.126 down 0.88. That's a good drop. We'll take more of that because, man, oh man, I'm looking at the mortgage rates. Not be good considering where they were a year ago. Up next. Oh, yeah, Carvana on 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, Sprinker helps you monetize your show, with ads, meaning your podcast might someday pay for, well, more microphones.

Start your show today at spreeker.com. Sprinker, 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 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? Terms apply, lounge access is subject to change. See Capital One.com for details. You're listening to. What are we waiting for? Well, what are you waiting for? One, two, ready, go. Action!

In the Gester's Edge. With Gary Culpa. Um, um, um, um, um, um. Bitcoin Ethereum down 11.2 and 16.6% respectively. And they're saying the reason why the market sold off this afternoon was because of Bitcoin Ethereum. What? Huh? Really?

Get out of here. Why would the coins affect? Come on. That's somebody just writing stuff up. So you know the big question. By the way, oil prices were down markedly today. 260. Oil stocks did not really drop that much. Interesting.

Oil prices have been weaker and oil stocks have been stronger. That's a little bit on the weird side. We'll see if that continues. There's no way it can. If oil prices keep going lower, eventually oil stocks will. We're not saying oil prices will keep going lower. We're just saying if they do. That's also of note.

So we would be watching the dollar here. Mui importante Leave no doubt Leave no doubt Leave no doubt Direct correlation city Eventually that'll change But that's what's going on right now

You know we get all kinds of questions about Out of the bare market in All we can tell you is the Dow strong Financials with a decent bit off the lows my worry remains this NASDAQ NASDAQ 100 is terrible. Better day today. They've bounced the last couple of days, but in relation to everything,

south end of a northbound jackass. That will need to change. Somebody asked today I saw on TV, do you think the Dow and the value types can lead? No. Only for so long. known fact that's my answer we'll take it a day at a time so the managed care some of the big biotech though i don't know how much of a fan i am auto parts retail defense stocks what we call a smattering

of other stuff lead oh and a bunch of down names well Let's not call it a bunch of Dow names. McDonald's is a new yearly high. Boeing's had a better bid since they told somebody about cash flow. Caterpillar and Honeywell have pulled his U-shaped. The Goldman Sachs, J.P. Morgan, Quinella of too big, with bad earnings, companies, better. Don't think that is the promised land leaders.

but we shall be open to anything and everything as we move forward. It was interesting after this little three-day move. There were double new yearly lows on the NASDAQ, the new yearly highs, and flat on the NYSE. We'll see what that means. I also wanted to mention to you, and this is something we said to you. Super Bowl advertisers. Let me tell you who.

FTX, the thing that blew up today. Draft Kings, the stock's been destroyed. Meta-Oculus, that's Facebook destroyed, Rocket Mortgage destroyed, Coinbase destroyed, Vroom destroyed, Salesforce.com destroyed, and Carvana destroyed. We're being asked a lot. Do we think Carvanna can go bankrupt? We don't like answering that question. What we will tell you is the stocks come from 376 to 7.

there's all of a sudden talk about certain covenants with their debt and all I can tell you in the last four quarters by my measurements four six they lost nine bucks a share billion bucks it's a lot of cake four five six yeah nine bucks a share all we know is the stock topped out in the October-November period and it has crashed and it is not alone again

if you don't take out the lessons of this bare market you should get out of the market altogether we missed all the carnage because of strict rules and disciplines that were passed on to us by what we found as

mentors and teachers, people that have proven themselves throughout the decades. We tested them ourselves because trust but verify, believe that was Reagan, and we did it again. It'll happen again down the road. But right now, the depths of hell would be the title for many of these companies. We're stunned but not surprised. We saw it in 2000 to 2003. It's a repeat performance, but actually worse, because there's a lot more names than 03. Believe it not. By the way, the NASDAQ back then went down 80. We're only down 30. It just tells you how much the mega-cap names meet to the indices. And they're starting to get some of those. too. If anything changes, we'll let you know just like the gold. We're just, we're waking you up on the gold and silver.

Two days ago on silver, today more on gold. Go check them out yourself. And until tomorrow, you'll have a great evening drive carefully. I'll be on with Charles Payne tomorrow, 2 p.m. Our Fox Business. Tonight, watch Neil Cavuto on Fox Business with all the election coverage. You have a great evening. Did I say drive carefully, especially if you're in the storm in Florida. When you get home, do like we do. quite simple. Make sure you hug your family. You hug your children. They will feel better. You will feel better. I promise. Stay well, be well. We're here for us. We're here for you. Have a great one, everybody. Bye, bye. This has been Investor's Edge with Gary Coltbaum on BizTalk. To listen to past episodes or to get in contact with Gary, go to GaryK.com. That's GaryK.com.

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.