Pretty bold (or stupid) for me to say something so definitive, isn't it? Well, if nothing else, I am opinionated. I don't think we're going to see 1,000+ after all. The government threw everything they had at the market, and June 11 was the top (in my opinion……….obviously). We got awfully close to 1,000, but I cannot picture a scenario in which we get above it this year.
This is actually kind of disappointing for me, and part of me is hoping we get up to 1,200 on the S&P by some miracle. I'm hoping to make a lot of profit in the resumption of the bear market, and these aren't exactly nosebleed levels we're at. But the charts are seriously broken for the bulls. This is why I added nearly 100 new positions today alone – all of them short.
If we break the neckline on the S&P, as shown below, I think we're heading to 800 this summer – – maybe even this month. After that, I have no earthly idea. I think a horrible chop between 800 and 900 is the most likely prospect, torturous as that sounds.
We family has been really patient with me during this two week "vacation", so I think I'm going to go silent for a while – – maybe even a couple of days! So enjoy the July 4th holiday, and congratulations to everyone who was short.