Mario Gabelli thinks the bull market in stocks is not over and expects the S&P 500 Index to rally to 1,300 points during the course of this year:
“There’s always going to be a reflexive action, a knee- jerk reaction, but it’s not a signal that the bull market is over. I see rising earnings this year and next year pulling the market higher. There’s a good a chance the S&P 500 sees 1,300 before the year is out.”
The S&P 500 is now nearly as oversold as it was at some of the worst points of the financial crisis. The S&P 500 Index is trading range at 3 standard deviations below the index's 50-day moving average. The index is currently trading right at the bottom of this range, which didn't happen that often during the last bear market. It definitely hasn't been this oversold at any point during this ongoing rally. The index is now down 9% from its closing high on January 19th, which is very close to the standard 10% correction.
Related ETF`S: SPDR SP 500 (ETF) (SPY)
2 comments:
This guys trying to take people in.
What a douchbag. This guy is full of shit. Yeah, the S&P is trading 3 std dev's from its 50day moving average but this recession is NOT like the last one. That's where these short minded professionals fall short. They fail to see the big picture.
On a side note, I'm amazing by how similar this guy resembles a lizard.
Post a Comment