Posted:
#1
This(1/23/13) will be only the 3rd time in its history that $SPY closed above its open for 10 straight days (10/16/06 & 2/11/11). 1/24/13 made it 11 in a row.
If you go back in history, the market had a 5-6% correction in early 2007, and went up into the summer and even higher into the fall, when it made its ultimate top.
In 2011, the market corrected 5-6% in March, went up into May, then corrected further into June.
Sentiment numbers for the public are the highest in 2 years, I'm not shorting here, but will wait for a 5-6% correction.
Ultimately, I believe the sp 500 makes a new all time high(slightly higher than the peaks in early 2000 and late 2007).
If you go back in history, the market had a 5-6% correction in early 2007, and went up into the summer and even higher into the fall, when it made its ultimate top.
In 2011, the market corrected 5-6% in March, went up into May, then corrected further into June.
Sentiment numbers for the public are the highest in 2 years, I'm not shorting here, but will wait for a 5-6% correction.
Ultimately, I believe the sp 500 makes a new all time high(slightly higher than the peaks in early 2000 and late 2007).
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