We are still bullish and are not surprised that SPY is hugging 240 during options expiration week. While there are some things wrong with the market (there always are!), our parameters are still the same – above 241 on SPY sets up a strong yearend, and a correction from here that moves below 230 either now, or after a breakout above 241, would make us less bullish. Oil has closed above $48/Bbl giving us a buy signal in the key seasonal timeframe. This should test $52 to $54, and if through here our forecast price for the year remains $67.
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