Don't listen to the "experts" or doom and gloomers. The stock market is just beginning a new era.Submitted by barracuda_trader on Wed, 11/27/2013 - 03:54
April 1: It's actually getting a little crazy now. Notice the blue arrow at the bottoms of the charts. That is pointing to the BEGINNING of a move up! Nobody on earth has seen this before. But you have!
Right click on the chart -- then click 'view image' -- then magnify.
This chart below is a close up of the chart above.
They are both called monthly charts. Meaning, each candle represents one month.
The S&P has never exceeded that 1560 level. It tried for 13 years and broke through last May.
If you look at a chart of the S&P 500 going back to the years leading up to 2000 you'll see a sideways channel that went from the 1990's to 2013.
The chart above is what some "expert" predicted stocks would do this year.
He was wrong.
Price broke through the 1600 resistance level encountered in 2000 and 2007.
The market has gone another 200 points to 1800 and is getting ready to possibly take a break to pull back to the new support level above or around 1600.
The 'ceiling' has become the new 'floor'.
This is classic behavior for any stock or commodity. Price will hit a resistance level twice and on the third attempt will break above that level
These sideways channels are like winding a spring tighter and tighter. Eventually the spring will pop. In this case the pop is to the upside. Therefore I believe that U.S. equities have just broken above a new base. The all time highs of 2000 and 2007 have been broken.
THAT BEING THE CASE WE HAVE A NEW OPPORTUNITY IN STOCKS.
I AM NO FAN OF ANY GOVERNMENT CONTRIVED AND CONTROLLED TAX TRAP LIKE 401 K'S AND IRA'S. I BELIEVE YOU SHOULD JUST PAY YOUR TAXES AND BE FREE ON THE OTHER END. I DON'T WANT THE GOVERNMENT TELLING ME I HAVE TO DRAW DOWN A MINIMUM DOLLAR AMOUNT SO THEY CAN TAX ME WHEN I "RETIRE".