12,920 is a perfect double from the panic low at 6460. Today’s high at 12,550 is less than 400 point from that target.
I think we’ll see that print in the next six weeks.
The Bernanke may have something to say about that, however.
Bottom line, we have had a great rally, no one has taken credit for it. My guess is that when someone steps up and takes credit for it, that will be the top.
Then of course when the correction comes, they will blame “evil speculators”.
That is all.
PS I continue to be friendly the US dollar at these levels. We are over sold, the whole world is negative the US. Just yesterday, the IMF wrote us off in favor of China over the next 5 years.
The last time foreign dignitaries decided to try and “de list the dollar” in favor of the euro, that was damn near the high of the euro.. I can’t imagine that bureaucrats will be right. Their average points to the opposite.
If you recall, back when oil was a 143 dollars a barrel, our “friends” Russia, OPEC, and of course France, all met in a little pow wow to discuss the demise of the US Dollar. You didn’t hear a peep out of them when oil dropped to 34 dollars a barrel.
Like watching 5 year olds play soccer, they chase the ball en masse, not bothering to look up. Politicians, TV news people, and adolescent boys and girls go through life looking through the same prism.
