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.
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