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Date Posted: 14:12:23 05/22/13 Wed
Author: Wednesday 22/5/2013 Gemini US
Subject: Philadelphia Bank Index/ 1680-90 target zone.

SPX, HYG, NDX, BKX: S&P 500 Reaches 1,000-Point Gain
By Jason Haver May 20, 2013 10:05 am
A look at long-term NDX, BKX, and HYG and some key pivot levels.
2 1PRINT Post Comments With Friday's trade, the S&P 500 (INDEXSP:.INX) has now added a clean 1000 points to the March 2009 bottom, so the Fed can pat themselves on their collective back and declare "mission accomplished" at reflating the equities bubble. Stocks have no doubt now reached a "permanently high plateau" in our "new paradigm" since, after all, "a new economic equilibrium is emerging." Or something like that. Ironically, one thing that never seems to change is the human expectation that "this time is different."

I think what's strange about this bubble is that most people actually seem to realize it's a bubble, probably because folks have seen enough of 'em over the past couple decades to recognize the hallmarks. Sure, there's a handful of Fed apologists out there, plus the occasional person insisting that the economy is in good shape and getting better every minute -- but even the majority of retail investors seem to recognize the rally is being fed by the Fed. Don't get me wrong; I'm still bullish as long as the charts point upwards and the Fed keeps feeding -- as I've said for months, there's no point fighting it -- but I don't believe the Fed has found the magical road to free money, or affected a fundamental change in the way the world works that will allow this to continue forever without consequences. Obviously, there's no way I can know if my assumptions are right or wrong; but either way, I call it as I see it.

Later in this article, I'll update two long term-charts I haven't updated in quite some time: the iShares High-Yield Corporate Bond Fund (NYSEARCA:HYG) and the Nasdaq 100 (INDEXNASDAQ:NDX), which I believe are both worth watching here. But first: In the prior update, I noted that the Philadelphia Bank Index (INDEXDJX:BKX) chart seemed to contain a critical clue, and if that index was able to break out over 61.06, then we should expect the rally to continue. Of course, that doesn't necessarily mean the rally will continue immediately, and there will no doubt be corrections and pauses along the way, but presently it does appear likely SPX will ultimately find the 1680-90 target zone.


Read more: http://www.minyanville.com/business-news/markets/articles/SPX-Reaches-1000-Point-Gain-s2526P500/5/20/2013/id/49857?page=full#ixzz2U4NmJCcC

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