THE TRENDS: The long term trend remains up and clearly the intermediate term trend does also. As you know by now last week moved up very strongly. HOWEVER, look at the SPY Quarterly chart. This week closed at 155.44. The last long term bull market that ended in December 2007 did so at the 157.50 level. The bull market previous to that ended in March 2000 at the 155.75 level.
WHAT I WOULD DO LONG TERM: Nothing has changed since last week. Obviously the market is still very strong but I would be even more vigilant than last week about protecting my profits. The reason is that any intermediate term correction (weekly chart) could very well translate into a longer term bear trend. Have a great weekend!
No comments:
Post a Comment