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S&P Breakout, next Step

By SFace   Follow   Tue, 22 Jan 2013, 5:01pm   489 views   11 comments
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It looks like with Google and IBM, tech will likely be up tommorow and likely take the S&P past 1500. It has broken out, despite a lot of Apple weakness.

The question is where will the next top be before the inevitable pullback?

Just like last year there was a sharp rise in equity between Nov-Mar before the pullback, I think the pullback may come a little ealier in February around 1525 and ahead of headnotes from automatics.

Thoughs?

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1. E-man Follow Befriend (31) 34 threads 2,545 comments San Jose, CA Premium

   1   5:30pm Tue 22 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike   Why 1,525 and not 1,540? Didn't you forget to cross your T? :) I agree with your assessment though. Cheers.

2. gbenson Follow Befriend 16 threads 378 comments

   2   5:37pm Tue 22 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike   The day I move back in to the markets, I guarantee a long prolonged slump after that..

3. uomo_senza_nome Follow Befriend (13) 787 threads 1,542 comments

   3   7:23pm Tue 22 Jan 2013   Share   Quote   Permalink   Like   Dislike   SFace says I think the pullback may come a little ealier in February around 1525 and ahead of headnotes from debt ceiling. SFace, The House is expected to vote tomorrow on temporarily raising the debt limit, which pushes the deadline to Mid-May. This bill is welcomed by WH and Senate as well. My initial thoughts was mid Feb as well, but I think they could keep running higher with some minor pull backs to take a breather.

4. mell Follow Befriend (5) 53 threads 1,302 comments Premium

   4   7:37pm Tue 22 Jan 2013   Share   Quote   Permalink   Like   Dislike   Futures are even/red by now, the 1% gain evaporated already. I expect the top shortly as well, but shortly is bendable and can make and break your trading if its only off by a couple of weeks ;) I mostly trade non-cyclical stocks that I also have an interest in (such as small biotechs with novel ideas), but I have some FAZ/SRS junk just for a hedge - I am too lazy to hedge better than Direxions daily reset crap ETFs ;) But on a hard turnaround these run nicely (on the long run they always depreciate).

5. SFace Follow Befriend (2) 61 threads 1,301 comments Premium

   5   10:09am Wed 23 Jan 2013   Share   Quote   Permalink   Like   Dislike   E-man says Why 1,525 and not 1,540? Didn't you forget to cross your T? :) That's gonna depend on Apple. Will be interesting...

6. E-man Follow Befriend (31) 34 threads 2,545 comments San Jose, CA Premium

   6   8:23pm Wed 23 Jan 2013   Share   Quote   Permalink   Like   Dislike   SFace says Will be interesting... Indeed. I haven't been doing anything with the stock market lately. I just let it ride. Have been busy doing cash-out refinance and grabbing properties as fast as I can. Will likely be done buying after this year. Happy New Year. Wish this year will be better than last year. Cheers.

7. E-man Follow Befriend (31) 34 threads 2,545 comments San Jose, CA Premium

   7   7:34am Thu 14 Feb 2013   Share   Quote   Permalink   Like   Dislike   @SFace, So the S&P hit your magic number of 1525 yesterday. How are you hedging for the anticipated correction? Did you raise some cash and buy TVIX or something similar?

8. E-man Follow Befriend (31) 34 threads 2,545 comments San Jose, CA Premium

   8   7:36am Thu 14 Feb 2013   Share   Quote   Permalink   Like   Dislike   uomo_senza_nome says The House is expected to vote tomorrow on temporarily raising the debt limit, which pushes the deadline to Mid-May. This bill is welcomed by WH and Senate as well. My initial thoughts was mid Feb as well, but I think they could keep running higher with some minor pull backs to take a breather. Did they vote? How high is the new debt ceiling? How much higher do you think the market will go?

9. SFace Follow Befriend (2) 61 threads 1,301 comments Premium

   9   9:19am Thu 14 Feb 2013   Share   Quote   Permalink   Like (1)   Dislike   I Put on the brakes. Put it another way. Went 60mph to 25mph. For 401K, converted from equity to short terms bonds (70%)mixed in with 30% foreign. I just want the match. for IRA, kiddie IRA - large cap dividend, REITS and 30% cash. For Trading - Mixed in some June 2013 puts on long holdings like FB and Apple as I dont want to sell any now. Trading account is pretty flexible as you can buy and sell in one click and 2 mins so this is day to day. Never liked leveraged ETF, even for the short term. way too gimmicky.

10. zzyzzx Follow Befriend (9) 413 threads 4,122 comments Baltimore, MD

    10   9:36am Thu 14 Feb 2013   Share   Quote   Permalink   Like (1)   Dislike   gbenson says The day I move back in to the markets, I guarantee a long prolonged slump after that.. Let us know when you get back into the markets. Or better yet, the day before.

11. EBGuy Follow Befriend 4 threads 2,095 comments

    11   1:55pm Thu 14 Feb 2013   Share   Quote   Permalink   Like   Dislike   I actually had faith in the GOP to raftify the Grand Bargain 1 & 2. Instead, they consistently snatch defeat from the jaws of victory. No more. They are going to burn this sucker down... the sequester is a comin' and ain't no one gonna stop it. At some point the markets react.