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Published on Nov 15, 2016
The
S&P 500 rally during the day on Tuesday, showing real signs of
strength. This is a market that continues to find buyers, and thus every
time it falls I’m willing to buy on signs of support. I have no
interest in shorting this market and I believe all the way down to the
2120 level we will see plenty of support. Given enough time, I think we
break above the 2200 level, and that should send the market looking all
the way to the 2500 handle over the longer term. Granted, it’s Take a
very long time to reach that area, but in the meantime, I am looking at
this as a market that should be bought only and not sold. With this, I
remain bullish over the longer term but recognize that we are overbought
currently.
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