Great, great point. I am reading a bunch of smart guys, traders, analysts comment and forecast that the SP500 is gonna go up to 2.000 shortly or the target is 2014 for 2014. What I learned in my professional career that NOBODY, KNOWS NOTHING. These guys who are forecasting now the SP500 over 2.000 most of them were cry babies about the markets in the last couple of years and visioned the crash of the market in each quarter. Now they are the promoters of the rally.
All in all the most beautiful part of the trading is that we cannot be sure about anything and we are not able to predict anything. We are only guessing. In my interpretation as Gartman said, stay in the rally until the bullish market sentiment doesn’t change. Grab the bull and ride on that as far as possible. If some trend get started we never know where and how ends, but we have some canary in a coal mine. Namely some fundamental and technical indicators to watch.
The other issue is the next tapering gossip:
The market told me last week don’t sell on the tapering if comes. Against the good fundamental macro news the markets got higher last week. Made a biggest and strongest one day rally in a month. Nobody scared about the plenty of good news which push the FED into the tapering way. In my view if we see some tapering or tightening next week by FED won’t have a huge effect on the markets. It is built already in the prices. Tapering is less of an issue recently. The taper worries rules the whole years of 2012 and 2013. It seems to me is over. Look at the optimism of SP500. This is a bull chart, isn’t it?
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The BFM Assets Team.
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