This Is No Time to Be Buying
True, if I am bullish, and if I had to pick one index to score a new high, I'd rather it be the S&P 500 than, say, the Dow. But if only the SPX makes a new high, unconfirmed by the other indices, and backs off from that new high ground, that's still trouble, and it warrants caution.
Recall that in last Thursday's column, I talked about the likelihood of higher highs, at least up to the prior highs in the SPX at 1422.38. In fact, for the past couple of weeks, I've been saying that we should expect to see a return to the prior highs, but as noted in both of my columns last week, "Maybe it has to tag that area [1422 SPX] before this move is complete. But if so, that could do it for a while." I also cited the prior high in the Dow at 13,339 and said, "Still looks like a move back to that area is likely, but that should do it for now."...445 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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