Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
I like Art Cashin, but he is becoming the master of the obvious. I wish he would take a little more career risk and say something useful based on his years of experience.
He says that IF the S&P breaks 1885 there is a good chance it could close above 1890. But 1890 is only 5 points above 1885 - only about 0.25% which is basically noise. Then he says if 1890 is broken, MAYBE the bulls will take a shot at 1900. Again 1900 is only 0.5% above 1890 and can occur intra-day via trading noise.
"They're very close to the next resistance level, which is 1882 to 1885. If they break through that there's a very good chance they will try to get above the record closing high, which was 1890."
If that happens, "the bulls will be reinvigorated and maybe we'll take a shot at 1900."
Comments
He says that IF the S&P breaks 1885 there is a good chance it could close above 1890. But 1890 is only 5 points above 1885 - only about 0.25% which is basically noise. Then he says if 1890 is broken, MAYBE the bulls will take a shot at 1900. Again 1900 is only 0.5% above 1890 and can occur intra-day via trading noise.
"They're very close to the next resistance level, which is 1882 to 1885. If they break through that there's a very good chance they will try to get above the record closing high, which was 1890."
If that happens, "the bulls will be reinvigorated and maybe we'll take a shot at 1900."