How Much Higher for Stocks?

The breakout above 2135 is now two weeks old and we just keep on trucking to new high after new high. At this stage one does have to contemplate where a top may form to take profits.

2200 has a certain appeal as a near term spot of resistance. However, my sense is that it will not be the high for the year as that is a fairly small 3% breakout above the previous highs.

For a FOMO rally to really work its magic, it needs to keep pressing higher thus forcing most every bear to start buying stocks. Thus, up closer to 2300 is a much more likely peak for 2016.

What will be the all time high before the next bear?

Too early to contemplate that as this low yield, no recession environment could keep the bull chugging along for a lot longer. So let's tackle that further down the road.

For now...keep riding the bull!

Best,

Steve Reitmeister

Executive Vice President, Zacks Investment Research

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