July 15th, 2009
Wow, what an opening this morning. Fifteen minutes into trading and the S&P is up 1.54%. As far as the head-and-shoulders top everyone was talking about last week, well, as Porky Pig used to say “That’s all folks!“
The neckline for my long-term inverted head-and-shoulder (see “Market Future is in Eyes of the Beholder“) at 950 is only 3.2% higher than the current 920. I thought we’d cross above around Labor Day but it could be earlier. On this score, however, I’ve willing to be proven wrong.
This is getting exciting. Stay tuned. (I hope I’m not going way out on a limb, that it’s not wishful thinking and that the market won’t disappoint again.)