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Published on Nov 17, 2016
The
S&P 500 rallied during the day on Thursday as we continue to see
buyers jump into this market. With this being the case, I think that
every time we pullback you have to start thinking about going long as we
are pressing up against a significant high as the 2200 level. If we can
break above there, it becomes a longer-term “buy-and-hold” situation. I
also recognize of the 2150 level below should be relatively supportive,
and essentially the “floor” in this market at the moment. With this in
mind, I am only looking to buy this market and I believe that the
absolute “bottom” of the uptrend is somewhere near the 2120 handle at
this point. After the massive turn around due to the Donald Trump
election, I think that this market continues to see buyers going
forward. Certainly, the momentum is with them.
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