Some Blowoff Targets For This Lunatic Phase
|The bull market has gone vertical, suggesting stocks are in a blowoff phase. Where will it end? We’ll hazard a guess simply because it’s irresistible fun, and because one of these days we’re going to get it right. Let me therefore offer 2953.50 for the June contract, or 2974.25 if any higher. Both seem likely to show stopping power, even if equally compelling rally targets got bulldozed on Tuesday. The lower number is especially appealing because of the precise stall at the midpoint Hidden Pivot with which it is associated (see inset), and the perfection of a ‘mechanical’ buy signal 40 points below these levels a week ago.
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