You always have to think twice before putting this in print and I have.
In March of 2009, I wrote an article highlighted in Newsmax called, “The Short Squeeze That Will Save The Stock Market.” You can google it and you will see that it called the bottom of the market one day before the market bottom.
Specifically the article targeted PNC at 16, now 126.92 and WFC at 8, now 54.40. In the 9 yearsAi??since, I have not called for a market top until 7/27/17.
Based on the speed of activity, the non-existence of any bears whatsoever and the overall realization that there is nothing left to buy, I am now saying the Top for 2017 is in.
Google it, search it, do whatever you want – I’ve never said that before.
This is my first all encompassing call since 2008. So here are the numbers that I’m calling for 2017:
Spy: 2484.04
Dow: 21,790
Nasdaq: 6,460.
I know I could end up looking bad but as a trading legend told me yesterday, being early is under appreciated.
There’s no doubt that technology has elevated this market with stocks, like Facebook and Amazon, leading the charge but who really benefits? Just yesterday I read about Facebook employees living out of their garage and how many of the 50,000 people Amazon is hiring will have life changing careers?
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