Alert: A Stock Top Of The Century
When looking at stocks, one might wonder where to buy or sell. As stocks enter this up cycle, it is wise to begin looking at stocks that may be setting up for a drop in the second half of the year. To do this, we must look at the charts and understand exactly where a stock might hit a pivot long term high. To do this, look at the weekly and monthly charts.
A stock that is nearing a monster level of resistance is Simon Property Group, Inc (NYSE:SPG). This is a commercial real estate play that is trading at $121.45, +0.95 (+0.79%). When real estate was at its height in 2007, SPG traded to $123.96. We all know real estate has not improved in the last few years. In fact, it has gotten much worse. With no end to the real estate problems on the near term horizon, when this stock hits that double top from 2007, it becomes the short of the century. The valuation makes little to no sense and with the double top nearing, look for a significant fall in the second half of the year.