The bulls are pushing our extended fluff targets and despite the record highs, the talking heads and suit-and-ties are questioning if this is the end of the rally. Of course, many of the market pundits have called for a pullback all year long. Meanwhile, we have been telling you since early January the bulls were going to do some special things. We also reiterated our stance in early March that record highs could come in April:
From our March 3, 2013 Weekly Wrap:
“After giving back 1% at the open, the market started March off with decent quarter-percent gain. With the major indexes near 5-years highs and all-time highs, another 2%-3% gain would have all of the indexes at all-time highs, excluding Tech of course, and would be the blow-off type top that sucks in the last of the quiet money still on the sidelines. As long as support holds, the near-term targets we have given you are Dow 14,750; S&P (500) 1,600; Nasdaq 3,300; and Russell (2000) 975.” (END)
We may have been a tad aggressive with our target for the small-caps as the Russell 2000 has lagged the current surge by the bulls but it could play catch up.
We gave our year-end targets for the indexes in early February and they are significantly higher than where we are now. At some point, there will be a pullback but we will let the charts dictate if and when there will be. Each week, we spend our Sunday’s doing extensive chart work and for those of you who study them have seen the uptrends lines hold. We have given specific downside targets that need to trigger before this rally ends and in the meantime, let’s continue to enjoy the ride.
The Dow is up 150 points to 14,823 and has cleared our 14,750 target. We said a close above this level could get 15,000 in play. The S&P is higher by 19 points to 1,587 and needs to close above 1,575. The Nasdaq is surging 59 points to 3,296 and is within spitting distance of clearing our 3,300 target.
We have a lot to cover inside the Members Area including Profit Alerts on 2 call options that are up 63% and 67%, respectively We could have additional Profit Alerts later in the day but for now let’s go ring the register on our Powershares QQQ (QQQ, $70.06, up $1.38) trades!