The week that was:
This is really getting boring...up up and away....I keep hearing the 5th Dimension in my head...yeah, I'm old....Anyway. As you can see, the relentless climb continues. O.k so it leveled out a bit the last couple of days...correction through time. Notice how the VXX sold off into the close. Nobody is worried about anything. I thought it might be a relatively boring day when I saw that Friday's pivot in SPY was basically the same as Thursday's, although we did have the late day surge that brought the finnies back to yesterday's pivot and had the SPY challenging for new all time highs while the IWM cleanly made new all time highs. With the SPY and IWM at all time highs, how much higher can we go? Clean air up here.
Saw an interesting analysis this week: At the 2007 peak the S&P profits worked out to $83 bucks a share at a high of $156.70. Well, S&P profits are now at $105. So, given the same ratio $198 is a reasonable target for the SPY. And here's a look at the finnies: