SPDR S&P 500 (SPY)

[gdl]

Had expected 213 to be the last stop before a decent correction occurs. We hit 211.6. not sure if that is the top. In any event if by the 8th we don't see the start of a significant drop we will not see one at all this whole year IMO.

The move looks too steep and too fast but that means nothing since the whole year is a flat one. I have always suspected a big corrective move but time is quickly running out. Perhaps Fridays report will cause a fast shift.

For a gamble since the window is so short it might pay to play a long shot here on the downside, 195 for the 20th maybe.

I do think this is going to stay in an upward zone for the rest of the year and actually have higher highs before end of year. I have always expected any deep drop will be followed once again by a snap back rally till January.

Neither bull nor bear but have always favored the current trend until proven otherwise. that's why I see any drop as corrective.