In this weekend's 322nd edition Turning Points we have a 12 page note detailing the reasons why we are reducing exposure after being nearly 200% long for much of January.
MARKET UPDATE
Given that we have both a big Fed week and a big earnings weeks, most anything I say here today will be largely irrelevant within a few days depending on how events shake out.
Going into the events of this week, we are at a technical crossroad for the market where any further acceleration up can result in significant upside momentum developing for some weeks, blowing out all kinds of resistance areas.
Our dilemma, of course, is that we are beholden to the events of this week to determine whether that becomes a reality or we see further delays along the path towards SPX 4200-4300, with an eventual destination of 4500 during Q1.
What is noticeable is that investors are beginning to succumb to the emotional challenge of being sidelined while some terrific gains are taking place.
These are the top gainers from my watchlist. It's rare you get so many equity names within a few weeks that are up so significantly. Fortunately, we have held or currently hold a handful of these.
Irrespective of deeply ingrained bearish psychosis, remaining in cash while these types of gains are taking place is a difficult proposition for most.
We are beginning to witness emotional upheaval expressed through price with increasing frequency, especially this past week.
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