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Published on Aug 19, 2016
The
S&P 500 initially fell during the day on Friday, but just as we
have seen time and time again, the buyers returned to turn the market
around and form a somewhat supportive looking candle. I believe that
this market will grind its way higher given enough time, but we are in
the least liquid time of the year as most traders are away at holiday. I
believe that pullbacks should continue to offer buying opportunities,
and then send this market looking for my target at the 2250 handle. I
have no interest in selling, I believe that the low interest-rate
environment that we are currently stuck in will continue to provide a
bit of a lift for equity markets. Because of this it’s almost the “de
facto” position of traders to be long of stocks.
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