Tom DeMark: S&P 500 Could Hit 1,342 Before Next Pullback

Noted market timer, Tom DeMark, told Bloomberg Television on Monday morning that the S&P 500 could hit 1,342 by January 24th before pulling back. On Monday, the S&P is trading at 1,311 and has risen 4.25% in 2012. DeMark told Bloomberg that the index may get between 1,338 and 1,342 by next week. He said, “We still are confident we will hit that level or close to that level. “We could conceivably see the high Tuesday at the opening, if not at the close of trading,” he said. “We're very close.” DeMark is the founder of Market Studies LLC, and has been an adviser to some of the world's most successful hedge funds. In fact, in 2008, Steven Cohen's SAC Capital and John Burbank's Passport Capital became partners in Market Studies LLC. DeMark has also advised legendary investors such as George Soros, Leon Cooperman, and Paul Tudor Jones.