Zacks' Voice of the People Highlights Opportunities With Standard & Poor's (S&P) 500
CHICAGO, Jan. 25, 2011 /PRNewswire/ -- Zacks highlights commentary from People and Picks Trader "MacktheKnife".
For more Voice of the People, visit http://at.zacks.com/?id=5851
The Trend Is Your Friend (Until the End)
January 25, 2011 - RELATED TICKERS: Standard & Poor's (S&P) 500 (NYSE: SPX),
The Standard & Poor's (S&P) 500 (NYSE: SPX) has moved from a closing level of 1,047.22 on Aug 26 to a closing level of 1,283.35 on Friday, with its steady progress impeded by neither a consolidation nor a correction along the way.
In association with this major move, the S&P 500's extreme readings ranged from the 1,039.70 reached intraday on Aug 27 to the 1,296.06 reached intraday last Tuesday. I believe there is an intermediate probability the latter value may represent the high-water mark for SPX this month. And I think there is a high probability the index may soon experience either a consolidation or a correction for the first time since last summer.
Assuming 1,296.06 proves to be a short-term top and drawing on the definitions of terms expressed in Lions, and Tigers, and Bears! Oh, My!, I thus would consider an S&P 500 level of 1,231.26 the signifier of a consolidation and an SPX level of 1,166.45 the signifier of a correction. All things considered, the former potential event appears more likely to occur than does the latter.
About the Zacks Community
In 2008, Zacks Investment Research launched PeopleAndPicks.com, a stock-picking website where members of the Zacks community can test their strategies and share ideas with other members. Each user is scored on the accuracy of his or her picks, and top users are rewarded with free products from Zacks. Registration is free. To learn more about People And Picks, visit http://at.zacks.com/?id=5957
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