Investor's Edge with Gary Kaltbaum - Financials Trouble

Episode Date: August 15, 2023

garyK.com or https://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 Cultbaum. And welcome once again to Investors Edge. I'm Gary Kalbaum, your host.

A thanks of being with us today. Glad you're here. Ladies and gentlemen, happy that you are listening. It's August 15th, right? 2023. Hope you're having a good day. Yeah, August 15th. Look at that.

And it's Tuesday. Again, hope you're having. a very good day. As always, we have lots to cover. As always, we have lots to talk about. We hear serious talk about you and everything that affects you, your job, your money, the markets, the economy, the Morlocks in Washington, D.C., and all that news that's emanating out of there. And Georgia. But first, if you do not get this radio show in your city, we'll post it at garyk.com. also posted on our Twitter feed, which is now X, whatever. And if you don't follow us, go follow us.

Put our name in. You can email me. All you got to do is be nice. It's kind of simple. Nice is not so hard, right? Okay. You know, those are the introductions. Yippie, yeah, yeah, yippie, yeah.

First, let's start off with Maui. I've been wearing my Maui shirts at work every day. Wow. The latest video that came out, I know exactly where they were sitting right next to the harbor. There's a, I don't know what you call that right at the edge of the water. It's cement. You sit right under it, and they're actually trying to block sparks of fire coming at them left and right. Some of them were forced into the water and they were

whole my goodness gracious and just a few things on the outcome from now they're saying a hundred passed but they're not even close to going through all the places. Outcome Hawaii Electric the stock's gone from 35 to 14. There's some blame going on there. Who knows where this ends up. They're saying, I read the story, it's going to cost $6 billion to, I'm thinking it's only six, just if there's anything, if you want to help out, you can go on, you can go see where to help out. It's the usual places. It's been an emergency from federal government. They'll help out too. But I'm just thinking of these families, and I saw some interviews. And wow.

I'm not even discussed the president when he said no comment when asked about it. I'm just going to chalk it up to the dude in his latter years or something. I'm just not even going to go there too far. Other things I want to talk about, well, we're pretty good at this. over what today's Tuesday last Monday or the week before we said Trump's going to be indicted with a bunch of other people in Georgia and boy they threw the book remember what we gave you names the goblins we call them people like Sidney Powell

that the night she went up on TV I got on this radio show and told you she was full of crap well she's indicted Rudy Giuliani indicted Meadows indicted Few people I don't know indicted. And to this minute, the politicos do not get it. The pundits do not get it. The so-called friends do not get it. Trump does not get it.

You know, when you're in debate and you were running a campaign and you're calling little Marco and boring Jeb and all these names, terrific. It gets you someplace. Ripping on the judge and the prosecutors and the DA with all these names. ain't going to get you anywhere. And the people that, the backers who keep backing them and saying, oh, this is politics and they didn't do it to this guy and they didn't do that guy, none of that matters.

None of it. We know the politics of it. Hunter Biden should be in jail. Joe Biden was involved also. No doubt he's a corrupt piece of whatever. The only people more corrupt are the Clintons. This guy's in the crosshairs, and they mean business. And here's the problem.

Let me tell you the problem. He's already out saying on Tuesday, this is true. You know what I used to tell my kids? There's certain things you tell your kids, and one of the things I used to tell him was, underpromise and over-deliver. It's one of the things we always told him. Under-promise over-deliver. Trump is promising now on Tuesday, irrefutable,

proof that there was election fraud in Georgia. When was the election? Now the irrefutable proof. So he's going to look like an idiot on Tuesday again. I think he's going to get hit with witness tampering also because he doesn't shut his mouth. And by the way, I'm not even taken aside. The problem is they've got unindicted co-conspirators. You know who they are?

They're the ones dropping dime on them. They've got such evidence. of everything he did. And in Georgia, you can't be part in its state. So, in spite of me, for years reaching out to the administration when he was president, can you just stop him? All I got was nothing. Never learned any of his lessons.

The greatest unforced errors I have seen in ages. For all you Trumpians out there, that's not a bad word, by the way. for all of you out there, do you know all President Trump had to do after the election? Shut the hell up. That's all he had to do is shut up. And calmly, quietly handle his golf and his golf tournaments and his golf courses and his real estate businesses. And after two years, two and a half years, just start to say, yeah, I'm going to be running again. and then hit the campaign

and all he had to do is just nothing else and he'd have what is he winning by in the primary just double that and then

it would have been a gimmy beaten Joe Biden in the next election between Joe Biden's corruption and his lying sack every day that's all he had to do is keep quiet it's amazing to watch unforced errors

Unforced errors amazingly Other stupidity You think the guy's brilliant? No All you had to do is keep quiet And then Sidney Powell and Julie

I mean what happened to Giuliani And I was watching some creeps on TV Just twisting themselves into a pretzel Try and explain things away There's no explaining away I wish him luck. You know what I really hope, by the way? Seriously.

I really hope, and it's not going to happen, this just all eventually goes away. And he goes back and doesn't run, let somebody else become president like a Tim Scott. I'm not even so thrilled with DeSantis anymore. It just seems he's too much. And that's my Trump today. I'll finish it off with this.

So I'm turning the channels last night, and who's on MSNBC? Hillary Clinton. Between our husbands, the two biggest grifters on earth. Besides our husbands are you know what. You can figure that one out. She's trying to tell us how somebody else is no good. Well, her and her husband grifted $100 to $200 million into the bank. Her and what's her name, Rachel Maddow, two people, Clinton started the Russia BS,

and Maddow parroted the whole thing and they were talking about how others do it. I love people. Nausea. Personified. Glit I didn't just eat when I was watching it. Anyway, that's the Trump thing and I don't think there's any more indictments come

and I don't think I've heard of any of them. And it's going to be one hell of a next, what, 14 months? Happy days. And again, Trump won't listen to me. And it doesn't matter. It has been cast now. So, okay. So let's see recently we had said, okay, the airlines had topped out.

China's bearish. Solar's a bearish. Golden silver bearish. A ton of blowups and breakdowns in technology and software. even some of the big caps in technology, the fang names that won the day, broke the 50-day, Apple, Microsoft, Tesla. Up next.

Well, we have a few more to discuss. This is the one only Investor's 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.

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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 Spreker. The platform responsible for a rapidly spreading condition known as podcast brain.

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It doesn't get better than this. All right. So, I want you to listen up. We've told you defense stocks were bearish. What else? The managed care had rallied up, but never got into bullish but better. We just told you recently that semiconductors handily broke the 50-day moving average. That was on top of some of the big cap tech. but a lot of blowups in the cloud, in the software, in the AI.

AI. AI was going to run our lives right. Josh. So financials hit a low. Nothing's ever really got bullish except JP Morgan broke out after earnings. But after that, really not much. Just a lot of recovery stuff. but a lot still way off the highs of February.

They're rolling over badly now. That's not good news. When you have a chance tonight, go look at the KRE, which is the regional banks. When you see what it did today, how it took out the last few weeks, that's what we mean by rolling over. When you look at the XLF, the big financials,

when you see today it took out the last few weeks, last three weeks. That's what we mean by rolling over. When you look at names, Black Rock, breaking the 200-day moving average, Blackstone, that rolled over a week ago. City Group is almost back to where it was at the lows of the regional bank debacle. city group Bank America when you have a chance go through the financial

the Canadian banks acting like the south end of a northbound jackass so we're just letting you know add in the financials what else have we been telling you well recently new yearly lows were really outstripping

new yearly highs advanced the client figures have not been great and we had some hot opens that was sold. And you know how we explain that to you. So you can add in the financials of potential trouble here, but I'm not done. I went through the restaurants earlier, but I'm not done. I went through the consumer staples earlier, rolling over.

That's the XLP and you can go through all the food, drug, beverage, tobacco, household products. Not all the drugs. Eli Lilly is very strong. What is that? NVO is Novo Nordisk. Very strong. Drug related. What else?

Hmm. The rails. Don't look at CSX or Norfolk Southern. What else? Well, retail. There's a few strong retail, by the way. Abercrombian Fitch, American Eagle Outfitters. A Dick Sporting Goods is acting better.

but a lot of the retail never got out of the ugly. What else? The gaming. We had mentioned that recently. What else? Not all. Somewhat mixed. Commodities.

Just so you know, and I just noticed this today, wheat, wheat, is approaching a new yearly low. A copper. that be rolling over. Want me to go further? Don't need to. So some commodities, not all. There's a few strong coal stocks, not all of them, but a few. And of course, we had the U.S. Steel proposed buyout yesterday,

which got some steel stocks. All I can tell you, and we use specific terminology, ice thinner. The S&P finished today, right about at the 50-day move in. average, a little bit beneath. It better not go more beneath. In the Dow, which is how, oh, that's the other part. The Dow has been the strongest. What have we taught you through the years about the Dow being the strongest? Now there's some strong Dow stocks, Amgen, great reaction to earnings and

still going. For example, but then you got Disney on the other end. You got JP Morgan that's been a strong financial. Then you got Verizon and Walgreens on the other end. So we're just letting you know, ice thinner, little tougher, and not a good day today. And of course, that other thing, 10-year yield finished at 4.221 today. That is within a stone's throw of the yearly high. You know, we keep hearing. Inflation is so much better.

And the Fed will do this and do that and do this and do that. And what have we said to you as well as my TV audience? Don't pay attention to the Fed. Watch the 10-year yield. If the 10-year yield keeps going higher, that's going to be telling you there's something up on the inflation front. Maybe it's bottoming or who knows what's going on. Or maybe it's gotten to the point where these freaking debt and deficits that these criminal corrupt politicians have, brought to us is finally coming home to roost because typically more debt equals higher rates

mortgage rates are at a 23 year high credit card rates are in a multi-decade high the amount used on credit cards a record high 600 million of them by the way i get at least five a week in the mail come get this credit card we'll give you 80 000 points and we'll give you this give back and this the other thing and of course it's pretty much usury that they charge it in the 20s if you don't pay every dime every month which i do by the way and always have and that's the story today just ice got thinner and i'm not so sure it's great news that it's the financials that are doing some of the ick now the story came out today that fit you know that rating service says they may have to downgrade a bunch of the banks and why would they have to do that oh it's simple they still have a lot of long

dated paper that they lost their arson that's number one number two is they have a ton of commercial real estate where it's got a lot of problems with commercial real estate out there how much debt there is out there they overdid on the debt as usual and uh the price of that real estate It's been coming down. So a little bit of that. Housing was up today. Warren Buffett took a position in D.R. Horton and Lenore.

Thank you, Warren. But I don't have much else to tell you. That is good. I will tell you my screens today are a sea of red. Advanced declines, yuck. We'll do the numbers up next. And I got some other things to cover.

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. 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. Thanks for being with us today. The market wrap is brought to you by Investment-Dashmodels.com. That's Jim Roerbeck, 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 dash models.com. Dow down 361. S&P down almost 52. The NASDAQ, which outperform yesterday just about gave it all back today. Down 157. I think it gave it all back.

NASDAQ 100, 167. The transports 286. Do you remember the transports how strong they got so quick? they've given a bunch back Advance declines, you're ready? 635 up 3288 down on the New York 1122 up 3,021 down on the NASDAQ. New yearly highs on the New York 31,

New yearly lows 95. And of that 31, I'd say about 20 of them or nothing. on the NASDAQ, 58 new highs, 200 new yearly lows. And of that 58, I can promise you about 35 to 40 of them or nothing. What does that mean nothing, Gary? They're either SPACs, dollar stocks, non-operating companies, or hunks of junk. In the Dow today, Amgen, Strong? I can't complain.

Since earnings, which were measly, up another five today, Home Depot reported earnings. Um, powerful. Earnings down eight, revenues down four, year over year. Stock was up too, but everything else was down. Led by Goldman Sachs down five and a half and J.P. Morgan down four. $4 for J.P. Morgan is a big move. That has been strong. And as I'm looking around, I'm looking for anything.

Well, Eli Lilly was up. I ate and change there, you know, drug news. The housing was green. And then everything else stunk. One of my oft mentioned questions, and I think it's because some of the things I say about when I amaze that gold didn't skyrocket when we had inflation at 9, 10%. Remember, we've been taught when there's big inflation, gold's going to skyrocket.

And now it's weak when inflation's been coming down. Is it ever going up? I don't know. What I can tell you is this, on gold. If you go to the monthly, I'm going to give you the GLD. If it can ever break out above the August of 2020 level, I'll buy the hell out of it. But something else is going on that the gold miners woefully underperform the metal. And I've also been taught typically the miners will lead the medal. maybe. So all I can tell you that just ain't anything happened with the gold right now. I was also asked

about the big short guy. Michael Burry is his name. So it was reported yesterday that he made bets on the market that it could crash. Well, first off, we don't predict crashes and smashes. We don't know how things

ultimately end up. We just want to get direction right. We're letting You know, directions been changing in a lot of areas over the last few weeks. Now we got financials. And the more and more that do that, it takes me back to the usual simplification. If there's 100 stocks and uptrends, we're assuming I know what an uptrend is in a downtrend, if 100 stocks are in uptrends, and all of a sudden, 20 turn into downtrends,

well, you have 80 versus 20. You better stick with the 80 and you better stay out of the 20. Well, what if it turns into 60 and 40? Well, you better stay in the 60 and be out of the 40, but that's going to affect the indices, that's going to be trouble, and you've got to recognize that 40 and that you don't want to be in them. What if it goes 40, 60, and 28, you get my point.

We're seeing it go the wrong way now. And you just never want to see financials do it. And I just want to say again, pay no attention to all the talk. What's the Fed going to do? Do what's Jay Powell going to do? Jay Powell is the doctor who puts a cast on your left arm when you go in to the doctor for a broken right arm. He don't know what the hell he's doing.

Neither does Janet Yellen. They don't have a clue. They used to predict things when zero for a hundred. Now they're data dependent. When we get to data, we'll make the most. Really, isn't that too late? Duh. Just watch the market.

Just remember what the market is. It is the buying and selling, the shorting and covering of the masses and the smart money, and they make these moves dependent on the things they see and know, not what a bunch of people that have never been in the business world, never risked a dime. By the way, when he prints nine trillion bucks, it ain't his money. And couldn't even tell you what day yesterday was. Believe the free markets. And remember, when interest rates were going up because J. Powell couldn't print

anymore and he stayed at 0% and they told us, don't worry. There's no inflation. It's transitory. Oh, oh, it's a little worse than we thought. But we're yelling and screaming at you that the markets yelling and screaming at them. They're not listening to markets. And Janet Yellen was out yesterday. Oh, we're very happy with the economy. We're very happy.

It seems to be on a good footing and a stable ground. I'm thinking to myself, does this yachts not see what I see? she has access to all this information. And I have charts of savings rates, plunging, credit card usage, skyrocketing, mortgage rates in the trees, credit card rates in the trees, auto rates and use car rates in the trees. Oh, and Joe Biden has put us to about $1.62 trillion of debt this year. By the way, that number was our whole spending in the year 2000, yet this yutz is out. Oh, we like what we see. Seems everything's stable.

You know, we're pretty good. And by the way, you know, Wall Street was paying me a quarter million dollars of speech for me to go out there and say absolutely nothing for a couple of years before I got back in government. So I'm flush. I don't care. We'll watch the market. ice is getting thinner that's all we care about everything else is noise

I saw somebody on tube today say he's bullish and I'm like he ain't looking at Goldman Sachs he ain't looking at Blackstone he ain't looking at the FXI which is China you know what he's doing

oh I'm the fully invested dude that never sells and I'm bullish we'll do the opposite we'll work at this. We'll pay attention. Big time. And let me repeat. Ice thinner. What else we got for you today?

I mentioned Michael Burry. I mentioned Fitch. They just warned they could downgrade ratings of dozens of U.S. banks. You know what that means? They're going to. But they're idiots too. now they're telling us they're going to downgrade them hey thanks what we do without you downgrade what else well we pick on San Francisco a lot because they need to be picked on not the people the morons run in the place and Oakland now San Francisco 1.2 billion

dollar Hayes Point Tower they stopped construction it was supposed to help revive San Francisco struggling downtown. They halted after developers. Couldn't find any tenants because nobody wants to move in because they don't want to have to look over their shoulders that somebody's going to kick them in the teeth and take out a knife and stick them in the heart. A hundred big brands have fled the metro area due to crime and homelessness. Oh, that's Nancy Pelosi's district.

Not one journalist has asked Nancy Pelosi, what the hell are you doing? about your district. You're destroying with your ineffectiveness, ineptitude, and your lack of doing anything to help. Oh, that's right. I'm worth a hundred million living a big house with security. 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 confuse. used 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. 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. 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.

You're listening to. What are we waiting for? Well, what are you waiting for? One, two, ready, go. Action! Investers Edge. With Gary Culper. And welcome once again to Investors Edge. I'm Gary Culper.

I'm your host. No, really. Sam Fran, Pelosi's district. She's never asked about it. It's being destroyed. Seriously. Welcome to the world. And by the way, you wonderful people in Portland, my good buddy Keith, KBNP. The amount of emails I get from the peeps in Portland with what's going on there, unreal. It's unreal. And nobody does anything. And just so you know, I keep up on all this. And I keep up on the legislations being passed or not passed. That pretty much incentivizes crime while the citizenry coweres in scaredness for their families and their children. And nothing changes.

and I just still wonder how these same people keep getting voted in. The number one job of a leader of a county, city, state, whatever it may be, the number one job, the number two job, the number three, four, five, six, seven, first ten jobs. Make sure your citizens are safe. combined with make sure the criminals know their asses are going to be locked up if they do the dirty and they've just done the opposite they've done the opposite

and they wonder why is everybody leaving why are the stores shutting you know one clown I think it was in Oakland said oh they're racist oh really anyway I feel for you guys and it's not per i'm here in central florida nothing's ever perfect nothing's ever perfect but i can guarantee if that crap was going on here do you see in la a gang like 25 went into one of these

uh high end places and stole 300,000 dollars of like handbags and stuff and and they're told do nothing how do you stay in business how do you stay in business and of course you've seen the pictures in New York City they've locked everything up go to the drugstore the toothpaste is locked up I feel bad I walk in I go

I have to call somebody to come you know open it up I feel like I give them a tip there's a couple of bucks thanks for coming over so my toothpaste instead of costing $2.99 cost $4.99

Anyway you get my point. The criminals in these cities are lucky I'm not running the joint. Yeah, go ahead and steal. See what happens. Anyway, we bring this up because it's part of the whole big, gigantic, which takes me to the other part. I had a mention today.

Today, President Biden went against the Supreme Court and forgave $39 billion in student loan debts. I am not going to waste your time and tell you how and who. It's a select whatever people that had the loans for a certain amount of years, this, that, and the other thing. So let me explain what's happened here. The students took out big loans that they were never ever going to be able to pay back. The colleges got the big money. Who eats it?

Well, Biden and the rest of these Marxists knows that we'll never eat it. physically. What do I mean by that? I'm repeating myself here. Imagine if you went to your bank today or you went online on your bank and it says debit $400, student loan forgiveness program. You think they'd be able to get away with a student loan forgiveness program at that point? No. It would never happen. But that's what's really going on. Ultimately, they raise your taxes, more rules, regulations, fees, fines, mandates, and more debt, which is going to make overall the interest rates keep skyrocketing. The only reason interest rates went down to zero is because this other nut printed $9 trillion

out of thin air to take it down to zero, and he can't do that anymore because it caused inflation, and if he does it again, there it goes again, and you get that negative loop. But these corrupt politicians know, oh, nothing's coming out of your bank account. so nobody's going to give a crap. And we're going to win some votes because, hey, that person right there, we just saved them $9,000. 12 grand. Vote for Joe Biden. Welcome to the scam.

So I had to bring that up today. And you know I'm P-Oed also because the Mets season is pretty much lost now. Very depressed. Traded away the team. That's a rough one for me. And now we're heading into football season. my fantasy draft is in about 10 days. I'm picking number 8, 10 team league.

And now this year, everything's changing up because it's like a wide receiver league now. So I'm all for blundered. But my back is much better. That's the most important thing. Hey, kids, sorry about the market. It's not my fault. You have a great evening drive carefully. Tomorrow will be on with Liz Clayman 3 p.m. hour.

Fox Business Network. Don't miss that. Same time radio show. don't miss that. You have a great evening. Drive carefully. 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. I promise. Take care all. Peace out. 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 VentureX. 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.