|SPY May 15 2013|
Everything is proceeding nicely as previously projected. Look at my previous charts of the SPY for more insight. The 1700 region remains our target on this surge, but anything can happen. We deal in probabilities, if you want certainty of money going in a certain direction, go work on your taxes.
If you let a bad day or two shake you out, you will likely regret it, but everyone has to make their own decisions. Also, watching this too closely and acting emotionally will get you whipsawed. Make a decision on direction, and live with it. A top will happen - I guarantee it - but good luck trying to guess where it will be.
So far, there are absolutely no signs of a topping pattern. You look for over-extension, failure, lower highs, that sort of thing. Nothing so far. Just getting worried about how "high" the averages are getting is not a strategy. Same thing with saying to yourself "this can't last." It can, at least for now.