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S&P Breakout, next Step


By SFace   Follow   Tue, 22 Jan 2013, 9:01am PST   646 views   7 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?

Comments 1-7 of 7     Last »

gbenson   Tue, 22 Jan 2013, 9:37am PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 1

The day I move back in to the markets, I guarantee a long prolonged slump after that..

uomo_senza_nome   Tue, 22 Jan 2013, 11:23am PST   Share   Quote   Permalink   Like   Dislike     Comment 2

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.

mell   Tue, 22 Jan 2013, 11:37am PST   Share   Quote   Permalink   Like   Dislike     Comment 3

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).

E-man   Wed, 13 Feb 2013, 11:34pm PST   Share   Quote   Permalink   Like   Dislike     Comment 4

@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?

E-man   Wed, 13 Feb 2013, 11:36pm PST   Share   Quote   Permalink   Like   Dislike     Comment 5

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?

zzyzzx   Thu, 14 Feb 2013, 1:36am PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 6

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.

EBGuy   Thu, 14 Feb 2013, 5:55am PST   Share   Quote   Permalink   Like   Dislike     Comment 7

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.

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