Its always a challenge to stay on top of the daily gyrations while traveling, and this long 10 day trip — Dallas Austin Detroit San Francisco — is no different. I can’t complain, I travel far less than many of my peers.
Longer term, the SPX is at an interesting — some would call it crucial — locale (see chart below).
Things could get very interesting from here. Other than the observation that the rally was getting tired, I have no special insights as to how this plays out. A reasonable guess: We chop around, pull back to 980-1,000 or so, then make a dash higher to 1,200-1,250 at year’s end. Again, just a guess.
Futures up strongly this morning.
More from Dallas later . . .