I always enjoy reading the big-picture thoughts of my friend Pearse’s monthly post. I hope you do too!
Do I Stay or Do I Go?
Hi all, I’ve been a little lazy this month. The last two months have had roughly a 15% bounce but have not reached the S&P high set on 20 May last year of 2,134. At the moment we are just above the 2,090 mark. The 2,080 to the high of 2134 looks like a death zone or Bull Graveyard. Since the last day of 2014 the bull has taken a run at it nearly 13 times based on daily charts and failed.
Now look at the chart below and you see how it looks like a ‘Bearish Top’.
The S&P has been on a run since February 11 this year and yes it is now positive for the year to date. So the correction is over and its back to business as usual, or as Buzz LightYear would say, ‘To infinity and beyond’.
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