Apparently, on our Q4 Macro Strategy conference call, I surprised some people with the height of my immediate term SP500 upside targets. With the Buck Burning to lower-lows, this shouldn’t be a surprise at all. This Credibility Crisis in the World’s Reserves Currency is great, in the immediate term, for anything priced in that currency…
The two levels I gave on the 1PM call were 1096 (dotted red line in the chart below) and 1113. Those are immediate term TRADE lines. These have nothing to do with the long term implications of a debased currency. They have everything to do with real-time Risk Management.
I now have a higher-low of support for the SP500 at 1061 (dotted green line). Don’t fight this yet. This is a Meltup.
Keith R. McCullough
Chief Executive Officer