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The S&P cracked 1900 for the first time on Tuesday morning. It even flirted above for a short while. In the end stocks couldn’t handle the heat and so we closed just below at 1897.
This is only strike 1. More importantly, investors reacted much better than last time we got in this neighborhood. I am referring to April 4th when stocks took a shot at 1900 only to end the session at 1865. A week later it had spiraled all the way down to 1814.
Gladly there doesn't seem to be any "High Anxiety" this time around. Likely we will knock on the door a couple more times, and if nothing negative pops up, then start making headway above.
Again, the main reason I expect it to work this time around is that there are still so many who doubt it will occur. Once above the late comers will rush in to create momentum up to around 1950 before the next consolidation period.
The train is about to leave the station. Make sure you have a ticket to ride.
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