So, we are now above the hallowed SPX 1130 level. Very few expected this–until the realization that it must happen occurred over the past few days. As we’ve said, the bands are pinching and the hedges must burn for the pothole months of September & October. Mission almost accomplished.
Today is a widely disbelieved breakout over the first hurdle of the top area of our trading range. The big question is if we must go to 1150 then 1175 to confirm the breakout and force the most discomfort. My guess is “yes”. We are most certainly overbought in almost every metric. But this is the kind of patten that has the potential to just keep on going. Breadth is great and that is much more important than volume.
There will, of course, be a pullback–perhaps major after we test 1175 or even the yearly highs. But right now the market must make the doubters, pessimists, bears, & realists pay for their intransigence.
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Scott, we get it you caught the move and almost everyody on stocktwits. You are sounding very amateurish and not adding any value. You are now just talking your book. Step your game up man. Yeah I will continue following you and listening to your show.
We are breaking out today. How is it “amateurish” to review and highlight my long-standing targets now that the forecast is coming to fruition?
When I hear these kinds of comments, it is obvious to me and everyone else that you are ill-prepared for the current move or have bet the wrong way.
Scott, why even answer ‘az’? His name is pronounced ASS. You called this as perfectly as a non-prophet could have. AZ if you dibelieve Scott and want to hedge against him (and me) then BE MY GUEST, it’ll be fun taking your money and watching your hedged positions lose. Please keep ‘not-listening’ to the ‘amateurs’
I don’t see how Scott’s comments are any different then anyone else on this blog who recaps and comments on current market action.
Your call has been epic once again.
Still think gold is double-topping here? You’re really scaring me with that one 🙂
uh, yes. But it’s a “scared” call…
Great. Now we have a (Scott+Fly)/Jake divergence going. 😉
I now follow Scott regularly, he may need to modulate, but the man knows his equities market. Scott has been called a permabull by the typical “I lose money every year except for that one time in 2006 where I margined up 300 percent and pulled off 60 percent” guys through horrible blood and see through vinyl pant wearing bearshitters at the low 1000s on the S and P. He has been blogging it and talking about it every day on his radio show.
He deserves at least a kudos for making an intelligent call. As for the others, they can keep zero hedging and whining about how terrible everything already is, because obviously the stock market will die because there is no volume, and we don’t need to restock inventories since we don’t need to eat, drive cars or live in places with a police force.
Nice job Scott,
Like Fly said, his IBC bloggers nailed this rally
and so did those of us who followed your blogs.
So, TLT and equities up is the new correlation in the market now?
You did call it perfectly…i’ve been watching, and you called it just like someone who was participating in the cabal itself.
I do think you’re right that max pain and discomfort is by getting to 1175. There are plenty like me who are looking for a break of 1150 to really be convinced.
At the risk of sounding like a broken record,
Scott wins again!
Thanks for the recognition. I’m here because my work is good at calling the short-to-intermediate term swings. The pinching bands gave this one away. It won’t always be so easy…
And since I put my butt on the line by making unequivocal calls, you’ll be booing and hissing at me when I’m wrong…
That’s the way to go, Scott. clear call. you are either bull or a bear in a certain mkt env. I don”t like “I am long but I am 100% hedged”. WTF
http://www.youtube.com/watch?v=TRI4E4BsnHI
why indeud!