Beach ball Babylon…

0828spxpnf

 

(no link–go to stockcharts.com)

The PnF chart thinks we have a target of 2040.  We think that is the lower end of targets.  An analyst we very much respect, Sam Eisenstadt, formerly at Value Line (http://www.marketwatch.com/story/sp-500-will-rise-to-2100-by-september-2014-03-12) looks for 2100 in the SPX.   As our readers know we don’t aim at targets, we aim to do what the chart says to do right now.  And right now the chart says stay long.

You could also buy some Qs if you wantesd another arrow in your quiver.

0828qqq

 

http://stockcharts.com/h-sc/ui?s=QQQ&p=D&yr=0&mn=9&dy=0&id=p78289658344&a=349010665

We have boundless fundamentalism enthusiasm for the Qs (you can leverage it with the QLD).  And the chart looks good too.

This has bee essentially a throwaway week.  That’s what happens when all the real traders are in the Hamptons.  Oh, well, they’ll be back after Labor Day.  Have a good one.  The oblong ball is back.

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