New Market Week

By Barry Ritholtz - November 2nd, 2009, 6:55AM

Its always a challenge to stay on top of the daily gyrations while traveling, and this long 10 day trip — Dallas Austin Detroit San Francisco — is no different. I can’t complain, I travel far less than many of my peers.

Longer term, the SPX is at an interesting — some would call it crucial — locale (see chart below).

Things could get very interesting from here. Other than the observation that the rally was getting tired, I have no special insights as to how this plays out. A reasonable guess: We chop around, pull back to 980-1,000 or so, then make a dash higher to 1,200-1,250 at year’s end. Again, just a guess.

Futures up strongly this morning.

Comments

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

3 Responses to “New Market Week”

kmckellop Says:
November 2nd, 2009 at 7:06 am
It’s all about the dollar.
Paul Jones Says:
November 2nd, 2009 at 7:08 am
Gold is worth more than the SPX.

If the S&P is 1250 at the end of the year, gold will be 1250 or greater.
HEHEHE Says:
November 2nd, 2009 at 8:50 am
Nah, we’ll go lower into the 800′s, maybe even high 700′s, before any sort of window dressing end of year rally back to around 1000.