Analysis And Trades: S&P 500 Tests 52 Week Highs
The S&P 500 broke through the 52 week highs today of 1,474.51. Thiswill get the media buzzing and help push more retail investors into themarket. I predicted this scenario already and my prediction still saysfurther upside for another week or so. The upside is based on lightvolume, retail investors jumping in the market (always near the topsand proprietary PPT Strategy calculations). Once February approaches,the markets will begin to pull back as debt ceiling fears start to taketheir toll.
The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is trading at $147.84, +0.79 (0.54%). This is the S&P 500 tracking ETF and will head toaround $150.00. Once there, shorts on the overall market can beinitiated.
Other stocks to short will include large caps trading north of their 52week highs, +10% in the new year. These are all ripe for a pull back.Some examples would be Amazon.com, Inc. (NASDAQ:AMZN), 3M Co(NYSE:MMM) and Goldman Sachs Group, Inc. (NYSE:GS). This will be amarket pull back for multiple weeks thus every stock should see somemodest declines.
The key is patience. Wait for the markets to inch higher into the endof January then pounce.
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