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  • S&P 500 Bulls Will Party To, 1999 0 comments
    Jun 19, 2014 5:52 PM | about stocks: SPXU, SPY

    It seems like a lifetime ago when the markets were in a state of panic and despair. We all remember the historic market crash of 2008 when bulls of the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) were running for the hills and no one wanted to go long again. After weeks and months of red on the ticker, the markets, and S&P 500 in particular found a low of 666.79 in March 2009. Since that low was put in the markets have been on a steady rise higher.

    The S&P 500 had such a tremendous climb that it managed to gain an astonishing 105% (704 points) in just 3 years! That is pretty incredible for any individual stock to accomplish such a feat, but for an index to do that is almost unheard of. After the bulls of the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) were up triple digits in percentage terms, that is when the S&P 500 suffered a viscous and much needed correction, declining 21.5% (296 points) from 1370.58 to a low of 1074.77 on October 4, 2011.

    Since that October low the S&P 500 has been back on the steady path higher. It blew past the October 2007 high of 1576.09 and seems to be making new all time highs on a daily basis. The S&P 500 seems to have the 2000 level in its cross hairs. In fact if the market keeps climbing to 2000.37 to be exact, it will be up 200% from the lows in March 2009. What I find interesting is that the S&P 500 is nearing the second century of gains in percentage terms. If this feat is attained we might be in store for a much needed correction, kind of like the one we received in the summer of 2011. With that being said the longs are fully in control and the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) bulls will party all the way to 1999.

    For live market insight, chart setups like this and real trades when we initiate them, come join the Elite Round Table and enter the profitable trades with the Pro's.

    Parm Mann

    Follow me on twitter: @ParmMannTrader

    (click to enlarge)

    Stocks: SPXU, SPY
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