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Mark Harris is a Registered Investment Adviser. Work with clients to define and help achieve financial goals. Over 30 years investment experience in designing and developing portfolios. Clients mostly high net worth individuals and small businesses.
  • SPY Failed Double Top 0 comments
    Oct 7, 2012 3:46 AM

    The U.S. stock market is possibly showing a failed double top. There are many headwinds facing the U.S. markets over the next couple months and we are entering what is expected to be a weak earnings period. Additionally investors are becoming complacent as seen by the low VIX. We may expect a short term retractment in the SPY of between 3% to 5% over the next couple weeks.

    If corporate earnings fail to meet expectations and the VIX moves higher we might see a larger correction in SPY in the neighborhood of 8%. This would represent a Fibonacci retractment of 61.8% of the move from the June 4th low to the September 15th highs.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Additional disclosure: This information should not be considered a recommendation and investors should consult their own investment adviser before making an investment decision.

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