The S&P 500 closed higher for the ninth time in the last ten sessions. Streaks like that are rare. So there is definitely a rest period or modest pullback coming in our near future. When is the only question.
More and more that time is looking like it won’t take place til after we hit 1800. That is less than 2% above Tuesday’s close. So not much of a stretch from here.
If you can believe it, there are still folks who are afraid of this bull market and have missed the entire 165% ride from bottom. So congrats to all of you who wised up much sooner.
More and more of these stragglers are crawling out from under their rocks made of cash and bonds to finally buy up stocks. That certainly is part of the push towards 1800 and should have legs to 1900 or even 2000 in the new year. We will need much better economic data and earnings to get above that mark. But it gives all of us good reason to stay invested at this time.
Best,
Steve Reitmeister (aka Reity…pronounced “Righty”)
Executive Vice President
Zacks Investment Research
Pelias' views 