Investor's Edge with Gary Kaltbaum - No Relief Yet.

Episode Date: June 16, 2022

More Info At: http://garykaltbaum.comMore

At CVS, it matters that we're not just in your community, but that we're part of it. It matters that we're here for you when you need us, day or night, and we want everyone to feel welcomed and rewarded. It matters that CVS is here to fill your prescriptions and here to fill your craving for a tasty and, yeah, healthy snack. At CBS, we're proud to serve your community because we believe where you get your medicine matters. So visit us at cvs.com or just come by store. We can't wait to meet you. Store hours vary by location. 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 Colpom,

your host. A thanks of being with us today. Glad you're here, ladies and gentlemen, happy that you are listening. It's June 16th, 2020. And may I state for the record, I live here in central Florida. It might as well be the Mojave Desert. I mean, everybody that knows me knows I love hot. I love heat. But man, oh man, we got a good one here in Central Florida today. I think it was like 96, but I'm in middle of the state kind of this.

Well, 35 miles from Daytona. And so breeze not as much. Anyway, thanks for being with us today. Ladies and gentlemen, I have been thinking about maybe every day spending like three or four minutes every day, going forward every day, and just going backwards and explaining how we got here. As you know, we started outlining for you a couple of years. years ago what we thought could happen. And we not only outlined it for you, we outlined it for you almost perfectly, almost to a T. And we outlined it for you based on precedent. You know, I have read the book and have told you to read the book, the extraordinary popular delusions in the

madness of crowds. What it basically describes is bubbles. And not just bubbles, but crazy. And we mean crazy. And we've seen it in droves for the past couple of years. I must tell you that I thought I had seen it all. And then we get NFTs. What the hell is that? That people are paying millions of dollars for a digital picture? I told you somebody paid 18 grand for an invisible sculpture. What the hell is going on out here? So we're going to do that today. And let's see how long it takes me to do because we don't,

if it takes too long, I don't want to do it every day. So I'm putting on my little stopwatch here. and see what comes of it. So it's very simple. We had a gargantuan worry that Jay Powell was leading a contingent of the few at central bankers around the globe to completely interfere

with free markets, real markets. free markets are supposed to be about investors, traders, and speculators, putting down their bets with their own money. Remember those words. Their own money. Risking their own money. Having to deal with their own money. And winning or losing, making or losing.

and then having to make a decision on that. It is also about those individuals giving a truckload of money to mutual funds, hedge funds, annuity companies that invest in mutual funds, and all kinds of others out there that do investing for people. And what do those people do? Well, very simple. They invest for others based on

free markets simple as that but somehow some way somewhere and i don't know when there became a point where a select few people on their own whims were able to with no oversight no accountability to no one no accountability to no one print to $30 trillion and interfere with those free markets, taking rates to 0%, rigging and manipulating every market out there? And when you say, wait a minute, of course stocks also. What do you think happens when you take rates to zero and print trillions taking all these asset prices down to the bone. They got to find another place, the market. And then what happens? It starts to feed on itself. And how does it feed on itself? It's called greed. Hey, look what's

happening. I'm buying this, I'm buying that, and I'm buying the other thing and it's working. Let's go margin. Borrowed money to buy these assets. And then what? happens, the bar gets lowered. What do we mean by that? Well, Wall Street starts feeding SPACs, blind pools to the investing public. When I started in this business in 80s, we did blind pools. But you know what those blind pools were? Actual companies. What did they do here? and by the way we would raise a few million bucks for those actual companies what did these blind pools do they weren't actual companies they made up companies and you know what they were all supposed to be doing selling electric vehicles and

batteries and what did I tell you it's just a scam go look up how many companies has been successful selling and producing and manufacturing autos in the last hundred years. I can't think of many. So we knew it was bull crap. And then the meme stocks. What? GameStop goes from 15 up to 480 in days to the point where I got a call at my office from a lady in her 70s asking me if they should buy GameStop. The stock at the time was about 390. And I said, Do you know it was just four bucks like three weeks ago? And she said to me, what if it goes to a thousand? I don't want to miss out.

And you know what my snide and sarcastic answer was? Well, we can't argue with that logic. And then the marijuana stocks going skyward, even though there's just no way. And we warned you while everybody was touting, oh, we're legalizing. I go, yeah, but if everybody's selling everything at the same price, the same place, dilution, forget about it. And what if? Oh, they're charging taxes?

Well, your buddy Biff down the block is not charging you taxes, and he's got better stuff. Marijuana stocks dropped 90%. The electric vehicle stocks, the SPACs, the 3D stocks, the meme stocks, the overpriced hunks of junk. Out of nowhere, the weirdest stuff. There was stocks I've never heard of that. Didn't even trade. would go from $1 to $20 in a day. Just so you know, that happened.

And then back to $1 in three days with people holding a bag. So all that printing of money, all that easy money, created this massive, gargantuan, gigantic bubble in some of the weirdest things I've ever seen. And of course, then there's bonds. Well, if the whims of a few take interest rates down to zero, what does that mean? Cost of capital is nothing.

So what did it end up happening? Austria sells a 100-year bond and was able to do it at 8 tenths of 1%. Imagine people invested, same people invested on a 100-year bond and only getting 8 tenths of 1%. The bond is now down 70%. Meaning you've got to live about another 95% five years to get your money out.

That happened because of Jay Powell and the whims of a few. The junk bonds, what has been my canned line? There are these junk bonds that are yielding 4%. They should be yielded 9%. There are junk bonds yielding 2%, should be yielding 5%. And then we ask the simple question. A very simple question. What happens?

Not if, but when the market shoots the middle finger back at these people. Well, crashing bonds, crashing bond markets, crashing junk bonds. Guess what we're getting? Up next, we'll walk you through a little more than today. This is the one-only Investors' Ed. 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.

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That's 888-4-2-5-59. That's 888-4-2-2-5-59. Investment Advisory Services offered through call-bomb capital management. If you've been following the news, you know the world is dealing with a level of uncertainty that isn't going away anytime soon. inflation pressures, global tensions, and the highest U.S. debt levels on record continue to influence markets day after day, and the result is familiar to anyone checking their retirement balances or savings accounts. Volatility has become the norm. In times like these, people often look

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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. So, starting in February 21, the first bubbles were popping. How did we know they were bubbles?

We call them Eiffel Towers. Go back to the year 99 and go look at Qualcomm. We saw that in the marijuana stocks. We saw them in the 3D stocks. We saw them in all these names in all these areas. It was a classic bubble popping. Classic. And our main thought from that was, well, when are they going to get everything?

And why do we know they're going to get everything? because they always have extraordinary popular delusions in the madness of crowds. Go freaking read the whole thing in your three-day weekend that's coming up. It outlines all this from all the bubbles in the past, from tulip bulbs and all kinds of other crap. And then what happened? Well, what we told you was the outcome of just a few select people around the globe rigging markets. that that had to be only one outcome. Just remember they were doing this not with their money,

not with their client's money, with conjured up money. They could have lost their ass on everything that they did, and they wouldn't have cared. There was no psychology and emotion or caring of money lost. So away they went. The insanity of it all that a select few people around the globe effed up the markets.

So then we put our little technical hat to work as the greatest technicians on earth. And we say that without sarcasm because we scan 1,500 to 2,000 names every night, 200 sectors, every commodity. And if need be, we do a double on it. And all we know, every day we would come on this show. More and more stocks were breaking off their tops on heavy volume and not coming back. And the next one, and the next one, and the next one. And then the best growth names of the past couple of years before that start cracking. And as we've told you, one of the main rules of bare markets is the greatest growth names of the prior bill will drop.

70% from the highs. And if you never believe that or don't believe it, you better believe it now. And as we said, little by little piece by piece inch by inch, sector by sector, stock by stock, topped out and topped out badly. And all of a sudden we're watching, whoa, that's down 20%. Oh, that's down 30%. Oh, it's down 50%. Oh, Pelotan's down 90%. And then came October, November. The other gimmee, there was a day with a NASDAQ, and NASDAQ 100 hit New Year highs. The same day, there were 500 new yearly lows. The worst divergence I have ever seen in the history of my time in the markets. The next day, the NASDAQ topped. And the reason we had that because all the money was getting out of risk and flowing into Apple. Why? Because it trades 16 billion

shares a day. I don't know if you know that. Do you know Apple every dollar is 16 billion in market cap it's insane and why would they do that because it's easy to get out of it's about as liquid as can be amongst other names and then they started to get the biggies and we knew at that point in time it was index time and then it was game on and we have gone through a major bear market since that time in november major bear market forget the indices dows what uh Dow's not down 20%. I know the S&P is now. We can tell you,

average stocks in the 30s, NASDAQ's in the 40s, if not more. And of course, there's a slew of stuff down 75. And Jay Powell continues to pick his nose. Do you know he said yesterday that he thinks the market has accepted the moves they have done well? You know what that tells me?

He don't know what the hell. is going on and he's still the most powerful man on earth. He has no clue what's going on. I actually believe he said that. I don't think he was even lying. I don't think he knows. He crushed savers, distorted everything. And guess where the inflation came from? Him. He lit the fuse. And then you got this guy in the White House that doubly doesn't have a clue that put kerosene on the fire and then Russia

going after Ukraine cherry on top and yet Jay Powell sat there picking his nose you remember yeah we're not worried about inflation

oh wait a minute but it's not bad oh wait a minute it's transitory oh wait a minute maybe it's not transitory Oh, wait a minute, maybe we may have to change our stripes. Okay, we'll raise rates. Oh, we'll raise it a quarter of a point while interest rates give him the middle finger and start skyrocketing. Oh, wait a minute, we're going to go a half point now while interest rates even skyrocketed more.

Oh, wait a minute, we're going to now raise rates three quarters a point like they did yesterday. But there's still miles behind as he continues to pick his nose. and yesterday say he doesn't see a problem with the consumer. Think about that. We have lost globally probably $32.33 trillion of wealth evaporated. Mortgage applications have crashed. Savings rates have crashed. Credit card usage is skyrocketed.

Layoffs are starting to kick in. Inventoria homes. is starting to kick in with prices now coming down in many of area. Consumer sentiment is at a record low, yet he said, I think everything's fine. That's how we got here. A few people and their whims. And yet he just got renominated.

And Joe Biden says we're depending on him. What? Up next, we'll put a bow on this and we'll talk about today. This is the one only investor's edge. Struggling to see up close, make it visible with Viz. Viz is a once daily prescription eye drop to treat blurry near vision for up to 10 hours. The most common side effects that may be experienced while using Viz include eye irritation, temporary dim or dark vision, headaches and eye redness. Talk to an eye doctor to learn if Viz is right for you.

Learn more at Viz.com. Every day the headlines shift, but the uncertainty never seems to fade. From rising geopolitical tensions to record U.S. debt and ongoing debates about inflation and money printing, Americans are watching economic forces that feel far beyond their control, and for many, that instability is showing up in retirement accounts, personal savings, and long-term financial plans. More people are taking a closer look at options that don't depend on Wall Street. Physical gold and silver have been used for generations as real, tangible assets during unpredictable moments like these. They're not about replacing existing investments, they're about adding a layer of diversification that has historically helped provide balance during volatile periods. Preserve gold focuses on education, giving everyday American straightforward information about how precious metals can fit into a retirement strategy, including options to hold them inside an IRA.

To get your free wealth protection guide, text IHeart 2-505. And with a qualified purchase, you could receive up to $15,000 in free gold or silver. Text IHeart to 50505 today. With the power and endurance of Toyota trucks, you can go to the most incredible places, like this valley, where the Echoed does. does different voices. Hello! Hello! Hello.

Hello. We know what we're made of. Toyota Trucks. You're listening to. America is talking. Investors Edge. He's got to be pleased with that. The crowd is just on its 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. Yeah, we're not going to be able to do this every day. So what we'll do is, we will keep this posted up and probably pin it to our Twitter feed

but that's the genesis of everything it started Christmas of 18 when Jay Powell decided to change raising rates to stopping because of the market was going down and had nothing to do with the economy and that every time markets dropped in 2019 he lowered rates and then October of 19 decided to print money

I don't know if you know this insanity So we knew we were in big trouble. So now what you have is an unwind. It's the best word I can use. An unwind of all the leverage, all the debt, all the distortions, all the greed, all the stupidity, all the piling on, all the overvaluations, all the ridiculously foisted upon you overvaluations. and I've used as the poster child, Rivian. I don't think I've ever seen.

And you know what? I get emails about regulators. The regulators are not supposed to get blasted, as long as it's fully disclosed. Rivian was an IPO at 78 bucks. Within four days, hit a high of 179, closed that day at 172.

That was the day. I'm yelling at screen. Well, for a few days I'm yelling. and screaming at you. And what was I yelling and screaming? That they had the grapefruits to bring this public when everything was topping, and they got it done. $78.00 IPO, which at the time was $70 billion in market cap

for an electric vehicle company that never sold an electric vehicle. But amazingly, rallied up for four days to where, its market cap was almost equal to GM and Ford. I want to say this again, almost equal to GM and Ford, even though GM and Ford had $260 billion of revenue, and Rivian had none. They had delivered 42 vehicles to employees at the time. And what did I say to you? Remember what I said to you? That day, I think it's worth $12. 20, maybe 10. It's 26 bucks now. I'm not making this up. They were able to do that. And you know who you blame on that one? The underwriters, they knew they were screwing you. But they get big gargantuan fees for it. And it was just a poster child for this whole thing. And that was right when the market was blowing up in November. And now fast forward to today. The problem is simple.

The same people who cause this are still running the show. You have Joe Biden actually leaking that they may want to control the price of gas. The most asinine, assesan, ass 10, ass 11 idea that you can ever hear. By the way, Joe Biden, the guy who's been in Washington, D.C., since we had 500 billion of federal debt, it's now over 30 trillion. He voted for every dime of that debt. Let's depend on him. By the way, if you try to control the price of gas, it'll go to 10, 12 bucks, and we'll have lines. It will be the 70s. It will be that bad. But I digress. That's the problem. Did you watch Jay Powell yesterday? I've never watched his pressers. I've only done a little taste here and there for 30

seconds because I don't want to throw up my lunch watching it but I watched the whole thing yesterday and you know what I took from it my brother used to have a saying no biggie everything was like a no biggie to him the markets are getting slaughtered no biggie majorly top in housing no biggie the consumer being crushed by inflation no biggie he had this temperament of like the blood pressure of a 16-year-old athlete. Yeah, you know, kind of like, you know, kind of like, you know, while you're all suffering. And there is my worry. He doesn't know what's happening.

I gather he doesn't scan the market every day. I think he watches every tick, but I don't think he knows what's going on underneath the surface. and we are in recession. We were the first ones to say it. We were the first ones to say inflation in a bad way. How many months ago was that? About 16 months ago? So now we're in recession.

And he's still picking his nose. I know that's not picturesque. So I wish I had better things to tell you. I wish. The only thing the market has going for right now, I got to give you these numbers. Since Wednesday at noon of last week. What's that? Two and a half and four, six and a half. See, I can add.

Today's low, and we're a little off the lows by the close today, the Dow is down 3,416 points, 10.3%. The S&P was down 521 points, 12.52%. The NASDAQ down 1670 points, 13.64%. In six and a half days. That's the only thing the market has going for it. extremely stretched extended oversold beyond the beyond and let me give you a little lesson now remember a few weeks ago everybody was telling you oh everybody's now bearish we're going to rally the bottoms in and what did we tell you they haven't studied sentiment like we have studied it bearish sentiment is different from bull markets to bear markets in bull markets corrections

get everybody bearish, stop the bloodletting, and just turn the market up and head for the hills. Boom, on the way. In bear markets, bearish sentiment, all it does is stanch the bleeding in the major downtrend, bounces things up a little bit, gets people a little bit excited, and then rip things apart again. We've had bearish sentiment, I think, for about, I don't know, a ton of this. so please don't pay attention to that sentiment is also a secondary indicator price is primary

and I got news for you price ain't happy so when we do the market wrap I got nothing good to tell you and may I state for the record I was even surprised by today you know you had a decent reaction to Mr. Bubble yesterday and maybe you think you can get some little upside testing no we just gap down today you know why

the other party equation Europe is crashing. You know why Europe is crashing. The young lady that runs the joint there after the young man that was running the joint there is worse than Powell. She still has negative rates. There ain't enough straight jackets and rubber rooms for these people. And again, this is all about the whims of a select few that played God. And you can't do that with markets because ultimately,

the big middle finger comes out, and that's where we're on now. And we're the victims. You know, they're going to end up retiring, and you know what they're going to do? Go teach at colleges and get $250,000 for speeches from miserable failures. We take no joy in any of this. We would rather be singing the praises of our leaders, but we deal in reality here. Nothing more, nothing less, or else. so bad day today

and we're in recession and the next shooter drop is earnings we're going to get very bad earnings and guidance as they come out going forward that starts in a big way mid-July why because they all have to account for

hire everything and we're talking cost the capital as well as everything they manufacture and sell up next today's market wrath I'm Gary this is the one only investors at Struggling to see up close, make it visible with Viz. Viz is a once daily prescription eye drop to treat blurry near vision for up to 10 hours.

The most common side effects that may be experienced while using Viz include eye irritation, temporary dimmer, dark vision, headaches and eye redness. Talk to an eye doctor to learn if Viz is right for you. Learn more at Viz.com. Every day the headlines shift, but the uncertainty never seems to fade. From rising geopolitical tensions to record U.S. debt and ongoing debates about inflation and money printing, Americans are watching economic forces that feel far beyond their control. And for many, that instability is showing up in retirement accounts, personal savings, and long-term financial plans.

More people are taking a closer look at options that don't depend on Wall Street. Physical gold and silver have been used for generations as real, tangible assets during unpredictable moments like these. They're not about replacing existing investments. They're about adding a layer of diversification that has historically helped provide balance during volatile periods. Preserve gold focuses on education, giving everyday American straightforward information about how precious metals can fit into a retirement strategy, including options to hold them inside an IRA.

To get your free wealth protection guide, text IHeart to 50505. And with a qualified purchase, you could receive up to $15,000 in free gold or silver. Text IHeart to 50505 today. With the power and endurance of Toyota trucks, you can go to the most incredible places, like this valley where the Echo does different voices. Hello! Hello! We know what we're made of Toyota trucks. We'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 Culper. And we haven't mentioned one of the biggest of the bubbles, and that's the scam and the con called the coins. Now, just so you know, the con artist came out with 19,000 coins and try to get them all going on you. All worthless crap. One of them was able to come out. The dogy coin. The people who did it, admitted it, they were doing it as a joke. It still went from zero to 70 cents.

Again, insanity. It's five cents. And I wonder why it's even five cents. Most of those 19,000 coins never got out. Anything that got out is at or near zero. One of the biggest, if not the biggest bubbles ever. And the same people with forced smiles coming on TV to tell you you must be buying. It's cheap. It's of value. Oh, we've seen all this before.

I got news for you. Those people are spending a lot of time on the toilet right now or standing over the toilet throwing up. A lot of them are leveraged. They're losing their arse and they're trying to con you into getting in so they can get bailed out. There is nothing that backs this stuff. And you're seeing a bunch of them go out of business. You're seeing layoffs up the wazoo. You're going to see the advertising drop.

You're going to see, you know, they sponsored arenas and sporting events. That's gone. And the Super Bowl, guess who spent the most money on the advertising? The crypto business. That be over and done. And we've warned you for two years with the same quote. And we repeat, 90% of the coins are going to drop 90% or more with most going to zero. Maybe some will stand, but much lower.

And I don't even know why that would be, but I guess I'm told with a couple of them, it's owned by a select few biggies and they can't sell or they bury themselves. So there's your coins. So today's market wrap is brought to you by Investment-Models.com. That's Jim Rohrabach, one of the great market timers. No gray areas with the man. You're either in or out of the market with proprietary indicators. Go check it out.

Investment-mottles.com. Down 741. I think it was down 900 at one time. S&P 123, NASDAQ 453, NASDAQ-40466. The semiconductors have just lost the bid. Down 170. Transport's down another 455. New yearly lows.

$2,500. And 54. And that's just New York and NASDAQ. There are no new yearly highs. Advance the clients today sucked. And one of the rules of bare markets is they get them all. Oil stocks had another brutal date, even though oil prices were up today. And why is that?

Because they're stocks. You got that? And how do these portfolio managers go about their business? when the only things that are sticking up are this one area, boom, machete. So even the oils are coming in. Yields down today nicely. Why? Because they went up big.

Remember what we told you? We're in a pullback in yields right now because they went straight up over the last. The 10 year went from 2.7 to almost 3.5 and 11. days. So you've got to get some sort of pullback that's going on right now. Not sure that's meaningful. And the dollar that is soared, that's pulling back too, which kind of pisses me off because I'm going to Europe later next week and I want a strong dollar. You know, the euro almost hit parity. Dollar for euro. I think it's about a buck five right now for a euro, which is a lot better than it was.

I don't need to go through sectors because everything was down except gold today. And gold is no great shakes. Really hasn't gotten going. Yeah, gotten going. Nice English. But nothing going on there. And, man, oh, ma'am. And Adobe report a very important software stock, which, by the way, was one of the ground zero big names that we said, wait a minute.

Adobe's cracking? That was months ago. They warned. Even though the stock's been brutalized, it's down another 17 bucks in the aftermarket to 348 as they lower guidance. And we have been telling you that we thought the next shooter drop is the lowering of guidance. We have no clue what Tamara does, as we always say. We don't know if we bounce. We certainly do. Any bounce or counter trend rally will not change the major trend in the markets. You need to know that. We've said that how many times during this bear market. And where it stops, we don't know. How long at last we don't know. We are highly confident we'll be able to call the bottoming process when it starts getting going. We have been telling you the only area that may be starting a bottoming process is Chinese

stocks but we have no trust because we don't know if the China government takes out the mallet again and crushes them again, which they did the last year. So we're not buying them. And of course, as the market has croaked the last couple of weeks, they've even pulled back too. But they are holding the lows and we'll be watching them. But absent that, I wish I can tell you something more. I wish I can tell you something better. Again, we don't know what tomorrow. brings hopefully we can bounce. Anyway, that all said, you have a great evening. Try.

Drive carefully. And when you get home, do like we do, once we get over COVID, make sure you hug your family. Make sure you hug your children. They will feel better. You will feel better. I promise. Tomorrow I'm on with Neil Cavuto in the noon to two hour on Fox Business.

it out. And same time tomorrow, this show, just about the same time we'll be posting. Have a great night, everybody. Peace out. This has been Investor's 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. With the power and endurance of Toyota trucks, you can go to the most incredible places, like this valley, where the Echo does different voices. Hello. Hello.

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