It didn’t take long for the S&P 500 to make new highs. Wednesday, the S&P 500 made an all-time high about 1% higher than the March high. 10.1% of issues on the NYSE made new 52-week, all-time highs. The average number for this stat is about 6.7% so this indicates that the advance has been healthy so far. If there were to be a correction now (and I am not predicting one), it is likely that it would be a normal, less than a 10% pullback... As reported on CNBC, Bank of America now calling a year end value of 5600 on the S&P 500. That’s about 5.5% higher than today’s close. Seems to me that it can go higher than that, but I won’t hazard a guess. We’ll just watch and see what happens.
