The S&P 500 topped at 3017.8

[Pekelo]

Fer crying outloud. Not again.

Why not? His last call was good for 200 points or so...

I agree with the call but give it 1-2 more days for the top. Probably will happen today.

 

[S2007S]

Ughhh ohhhh


JP Morgan warns of a ‘significant’ sell-off in US stocks this quarter
PUBLISHED THU, JUL 25 2019 12:32 AM EDT

 

[S2007S]

There you have it!!
Unlimited upside for global stocks. All Central banks should just directly buy stocks and just keep the risk free money making machine on blast. I guess money really does grow on trees!!!!!


The ECB could someday add buying stocks to its list of policy moves, Wall Street strategists say
Patti Domm | @pattidomm
Published 1 Hour Ago Updated 48 Mins AgoCNBC.com

• The European Central Bank could ultimately add stocks to the assets it purchases in an effort to shake its economy out of the doldrums by prompting companies to do more investment and spending.
• The ECB met Thursday and left rates unchanged, though analysts expect it to take action in September with a rate cut and possible enhancements to its enhancing its quantitative easing program.
• The net result of equity purchases, should be to make equity financing more attractive for companies, according to Rick Rieder, BlackRock chief investment officer .

https://www.cnbc.com/2019/07/25/the...ght-expand-its-asset-purchases-to-stocks.html

 

[nooby_mcnoob]

I have to think there is no rationale...why should there be...go back to 2000 2008 and even Nov/Dec of 2018 ...you couldn't find any rationale until well after the collapse took place. So now imagine 3017 or 3023 or 3156 is the top and markets go into a dark unforeseen collapse that takes the s&p to levels unimaginable...then maybe after the storm clears you might find the rationale you are looking for.

The 2008 collapse was precipitated by margin calls, if I remember my history correctly. Basically, someone marked something to market was like oh fuck need to liquidate.

Today the mark to market will be major economic indicators like unemployment rates, etc.

 

[tommcginnis]

We are poised to drop 3%-4% in a flash, IMO.
Nothing graphical or T/A magic, just a "Good News = Bad News" re the FED, plus geopolitical garbage/uncertainty.

• Unemployment kissed 200k (this morning)
• Durables @ 2% (this morning)
• Major U.S. indices at ATHs.
• earnings doing fine, fine, fine, AND
• earnings projections now coming in more to the upside.
• Draghi sez EU recession risk *low*.

1) All of this sez FED rates are in sweet spot, and not to move a thing.
Then we have...

2) Market has already priced FED cut in, and will not like a "No change" announcement.
3) China/U.S. trade is a coin flip, with a coin weighted to the "No movement" side.
4) Lil Kim just launched rockets: SKorea and Japan have taken notice, even if U.S. didn't.
~~~~~~~~~~~~~~~~~~~~
4% drop

As all of this spools together with August vacations and satisfaction at recent gains, people will "Sell in August" and hold out until some of this uncertainty goes away. Result? A four percent near-term (Labor Day) drop.

"When?" Like, _now_. Like, finger-on-the-Sell-Button. Like, don't-let-your-eyes-leave-the-screen.

"If These Things Were Not An Issue"??? Sheeesh, S&P 3100 by Labor Day, easy. But "Don't Fight The FED means 'don't sell out those put spreads' til this mix of

Earnings/Economic Joy ___versus___ FED/geopolitical Stress

gets resolved some.

Thems me thoughts...

"Keep your powder dry, and your spreads far."

 

[volente_00]

Yo Builder


Meet me at the club

 

[ironchef]

I think the S&P 500 has topped at 3017.8. I believe we will correct down to 2650. I am once again giving 1% deviation on the trade and will consider it wrong if SPX closes above 3048 before touching 2650.

I say the S&P 500 will top at 3017.8 and we will pull back 9% from this level
I will allow 1% deviation on the trade so I will consider this top void if we on a closing basis are above 2959.3

 

[tommcginnis]

I say the S&P 500 will top at 3017.8 and we will pull back 9% from this level
I will allow 1% deviation on the trade so I will consider this top void if we on a closing basis are above 2959.3

Mmmmm, that's 2% down from the high (give-or-take) there, Fe-Chef.

 

[SimpleMeLike]

P.S. *Pssst, you are not good at reading sarcasm meters.*

lol hahahahah

 

[Pekelo]

I agree with the call but give it 1-2 more days for the top. Probably will happen today.

I posted that at 6 am, the high of the day was between 8-9 am...