But I believe the third quarter is likely to feature a sharp correction during which the low for the year will be seen. However, I expect most of the ground lost in the third quarter will be regained in the fourth quarter, and that the year will have a strong close.
For 2007, I predict the high for the S&P 500 will be 1560, the low will be 1280, and the close will be 1520. I think the S&P 500 will track sideways with a downward bias in the first quarter. I expect a good rally in the second quarter, during which the high for the year will be achieved.