The market just took out last week’s high… which tells me we are going higher.
This phenomenons is not natural… markets are suppose to pull back after they become overbought before resuming higher. However, sometimes the market can stay overbought for an extended period of time… even months. Perhaps what we are witnessing is another leg higher in the extended bull market that started in 2009… if this is the case the S&P 500 is going to 1550 or higher.
It is a miraculous that I am making money today after coming in with a short SPY position that I covered at an inopportune moment. I think it is a testament to how strong my long positions are… besides CSTR… that dog is the only one losing me money.
The rest are as follows:
CTXS, EL, EPHE, GG, INTC, MOS, MPEL, PMT, SHW, SJR, THD, TM, VLKAY, YCS