The general market, embodied in the S&P 500 - has reached new highs, again. Does this mean the market is ready to break out of the trading range it has been in for months and move to the upside?
In a word, yes. But...not so fast. You can never say anything in the very short term timing for the market. What will happen in trade on Monday? - Nobody knows. However, the companies of the SPY have trillions of dollars on their balance sheets and will continue to purchase their own stock with said cash - hence, this market is moving higher.
I wouldn't rush to put new money in here however. Even if there is a new push higher, the majority of the gains have been seen. I wait for a pullback.
Short term rating = HOLD
Long term rating = BUY
In a word, yes. But...not so fast. You can never say anything in the very short term timing for the market. What will happen in trade on Monday? - Nobody knows. However, the companies of the SPY have trillions of dollars on their balance sheets and will continue to purchase their own stock with said cash - hence, this market is moving higher.
I wouldn't rush to put new money in here however. Even if there is a new push higher, the majority of the gains have been seen. I wait for a pullback.
Short term rating = HOLD
Long term rating = BUY