One of the benefits of being a part of a trading room with over 3000 members, over 400 professionals, and 15 analysts is that we all are able to take advantage of the combined wisdom of all the members and analysts in the room. Since I am but one person within this room, I am clearly unable to see all potentials the market may be throwing at us. And, thanks to the collective wisdom of the room, several people have provided me with insights today which I did not have on my own. So, there is no question that we all can benefit from the collective wisdom of the room, and for that I am grateful to you all.
First, our analyst Garrett Patten private messaged me today to tell me that he is having a hard time seeing enough stocks setting up to support a rally to 2500SPX at this time. Rather, many of them still need more pullback before they can substantiate such a run. And, since this is a market of stocks, I clearly need to take that into account in my own analysis. (more…)