Feb 29th Update SPX

This past week, the market once again continued to grind higher, matching the May 2011 high (1367.00), and slightly surpassing it by .30 points. In retrospect, our forecasts for the second half of last year; stating by December 2011, the Index would surpass the May 2011 high (even when the index had dropped to 1070.00 last September) was off by just seven weeks. The problem is, during the last few weeks, we have been hesitant to chase this market, because we felt the market remained overextended. That being said, late comers to the party continue to trickling in, but the risk of a dip toward 1290.00 within the next few weeks is still highly probable.


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