W(h)ither the S&P
Well, we all know it has withered, but where is it headed in the next three months. That is the question (that I was recently asked).
So ......Helical-Karnak says......A nail, a board, and a subprime lender.
No wait - wrong envelope Ed
(How do I imbed again, I forgot).
The answer is.....UP. But not much I'm afraid. I think we hit a bottom, and the S&P will head back toward 1400 over the next 3 months. But I don't think we'll see 1450 and if we do, it will be followed by a pullback. In fact, I think we are due a pullback from here - but 3 months out, banks will still be reporting lame numbers, but will be forecasting positively - so the market will react positively. It may break above 1450 after the summer, but not before.