In Jan 2010, the market had had a good run from 666 to 1150.
Then came some noise about what could happen in Greece... the market corrected a few weeks 8.5% and then rallied hard to 1220 for 3 months into what became the top for a long while.
The sequence is repeating:
- SPX is on heavy top since Nov14. Agitated and unable to climb.
- The potential Grexit scenario is all over the news again.
- I can see the market using any catalyst to breath to 1930/1880 and launch a 3 months rally to new ATH circa 2140 which woudl probably call for a 20% correction into year end.
I have the growing feeling:
1 - 2015 is a trading year.
2 - 2015 is going to end up badly after a last potentially strong rally.