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Published on Oct 24, 2016
The
S&P 500 rallied during the day on Monday, as we continue to see
quite a bit of bullish pressure. Ultimately, I believe that we will
continue to grind higher, perhaps reaching towards the 2175 handle. I
think pullbacks will continue to have plenty of support, and as a result
I am a buyer only in this market, as I think the 2120 handle below
continues to be the absolute “floor” in this market. Ultimately, I think
that the floor extends all the way down to the 2100 level, so I’m not
even thinking about selling. I think eventually we will break above the
2175 handle, and then perhaps reach much higher than that. Given enough
time, I think that the low interest rate environment will continue to
lift the S&P 500 as money has nowhere else to go.
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