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Published on Sep 8, 2016
The
S&P 500 had a relatively negative day during the session on
Thursday, but we are still essentially in the middle of the
consolidation area that we’ve been trading in for 2 months now. I do
believe that every time we pullback, the market looks at it as potential
value and that we will eventually break out to the upside. I think a
lot of this comes down to the lack of volume, as a lot of traders are
still away at holiday. Ultimately, I believe that this market is
probably going to reach towards the 2250 level, but it may take a while
to get there. Short-term selling isn’t even a thought at this point,
because quite frankly I don’t have any interest in trying to go against
what I believe is the longer-term move. With this, I remain bullish but I
also recognize that we need to be very careful.
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