FOR THURSDAY: (3/2) Unemployment report is not until March 10 so Friday isn’t that special this week. Record highs and patterns still don’t look complete and we won’t top-pick stocks or the dollar. Crude looks higher into Friday and metals do also and still more room for lower euros and pounds.
MARCH E-MINI S & P 500
S&P ANALYSIS FOR THURSDAY: (3/2) We had suggested partial profits at 2379.50 and at noon we had projected 2399 but was surprised it came in so quickly. Patterns suggest a move to 2407, a pullback to 2395 and then higher prices to 2417-20 to have a sense of completion and then maybe from there only a 38-point correction. When one looks at the telescoping nature of this market, hard to see an 80-100 point correction. The 2520 projection for May is very clearly in the patterns now and wondering if it will happen. We see no point in top-picking. Day-traders may have ranges between 2395-2407 on Thursday. We’re in a topping window into Friday but not sure any trigger will get this market deflated.
OVERALL: (2/15) Still thinking an early April low and then still new highs this year and not thinking crash this year to 2520 and maybe a 10% correction between August-October and 20% If things seem more dire with US rioting and a deeper European collapse. Market seems lower from mid-May into late June and probably into July.
CYCLES OVERVIEW: Lower March 2; volatile/topping March 3.
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