Market Call

Our go-to market maven is Joe Feshbach. We asked him to share his latest thoughts about the S&P 500 from his perspective based on his 40+ years of  trading the markets. He has turned cautious:

"So far the market has followed my playbook for this rally to a tee. The market tends to re-attack levels that it has failed at multiple times and that's what the S&P did at 4100. I noted that it's reasonable to expect another 2% upside after the breakout occurs. However, as I mentioned, I also believe this will not be a significant breakout and it should be used to lighten up on positions bought at the beginning of this rally because the sentiment indicators don't support a meaningful advance. The market should encounter a much more difficult time from here and strength should be used to pare back positions."