I seem to be updating more often than I thought I would, but thats OK with you , Im sure.
The market performed exactly as indicated and still might have a bit more sloppyness on the 26th before finding its footing.
PC ratios are thru the roof and as indicated screaming BUY.
A must read daily is CARL Futia- Accordingly, He is projecting a low on the SPX at 1405which is only about 5 pts lower and an = dow would be about 40 pts. That takes the dow to 12,300 area which had previosuly been posted.
From that level, Carl has projected a rally to 1455 on the spx futures = spx 1444 cash = dow to 12,600
A BIG change is overdue and MY work indicates the FIRST week in Jan 2007 will set the tone for the whole month and it should be substantially lower by months end.
Jay
4 comments:
Jay,
Appreciate all your updates. Wish you would update daily so we could follow your thoughts and changes. Have a great Christmas!
Jay,
I wanted to comment on Carl Futia. He does good work. However, he changes his short-term forecasts almost daily. His time frames for the moves do not work well on a short term basis. This is not to disparage his work in any way because his medium and longer term outlooks seem to work out very well but you call for shorter term turning points. He was completely surprised by the move we had in May and June of this year.
Carl has mentioned the market moving higher and higher than the spx 1444 , possibly to 1475;
That outlook is one I have to disagree with and I do expect the market to sell off from Jan to MID April where the 54 month cycle hits off the oct 2002 lows.
Jay
Jay,
Your 45 day outlook seems to be right on track. Could you please keep us updated on any short term changes in your update.
Thanks
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