Question - where will the S&P end this year?
Answer - who cares... Really, I do not give a rip about where the S&P will end this year. Head over to bespoke and look at the idiots making predictions. Now - ask me where will we go DURING the year - and yeah, I care a lot. We are headed lower my friends, possibly much lower.
Current calculations - S&P 770, 12 month trailing earnings = 23... hmmm methinks earnings are in the $33.00 area - so give a 10 multiple and yeah... we are headed lower. I would stand a sell off to the 500 +/- 50 arena recognizing we might head lower before putting some risk money on some calls.
