Still Not a Bear Market
Although the US markets fell nearly four percent last week, the S&P 500 is stil roughly sixtyfive points from entering bear market territory. The most recent S&P 500 high is 1565.15 on Oct. 9. A twenty point reversal that defines a bear market would mean that the S&P would have to close below 1252.
Will there the S&P ever cross the 1252 threshold? No it won’t because we’re in the smartist web 2.0 era of economic and financial perpetualism, which means there will never be another bear market again. The bull market that began on October 2002 will last for eternity baring a serious catastrope such as a pandemic or giant meteorite impact.
Also as I wrote last week there is still tons of support in the 12,000 range for the Dow. Although it broke 12,000 the support still holds.
Here are some good stocks to buy now. If you buy these on a dip you will come out way ahead when the market does reboud.