Zacks’ Voice of the People Highlights user MW: “Are We Really Resuming the Bullish Scenario?” from the People & Picks community.
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Are We Really Resuming the Bullish Scenario?
As I have previously noted my speculation for both a bullish and bearish scenario, it seems that the bullish scenario is now in action. SPDR S&P 500 ETF (SPY) just confirmed its support margin 11.26 – 11.3.
We will now witness a fluctuation between 111.3 and 113. So the next level to watch is 113 more specifically 112.94$. Once SPY crosses the 112.94$ barrier and stays above it for 2 or 3 days with an volume more or less equal to the average trading volume, then I strongly believe that SPY is resuming the bullish trend up to the 120$.
As for the stocks I recommend to hold Google (GOOG) as long as it price fluctuates between 482$ and 500$. I expect it to increase up to 549-550$ within the next few weeks. If SPY breaks the 113$ barrier then I will aggressively hold my GOOG position, raising my target to 600$ by the end of the year. It all depends on how SPY behaves around 113$.
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