The SPX closed today at a new cyclical high of 1403. The advance underway since late Nov. '11
is running on the sort of steep trajectory that seldom lasts more than 3-4 months before it hits its
expiration date and fades to a lower plane. So, that would be late March at the outside. The present
fast updraft of a few days duration could carry the SPX up to the 1430 area over the next week or so.
The market is overbought on measures running out even beyond 60 days, but none of the overbought measures are as yet outrageous. SPX
As mentioned in the 3/13 post below, with cash reserves modest, a rising market might claim funds
from the bond (Treasury) and PM sectors (gold). Such has been in evidence this week.
- Peter Richardson
- Retired chief investment officer and former NYSE firm partner with 50 plus years experience in field as analyst / economist, portfolio manager / trader, and CIO who has superb track record with multi $billion equities and fixed income portfolios. Advanced degrees, CFA. Having done much professional writing as a young guy, I now have a cryptic style. 40 years down on and around The Street confirms: CAVEAT EMPTOR IN SPADES !!!