August 3, 2013

Did the Market Just Hit Its Peak for the Year?

The market could be making a high for the year this week and possible even longer. I'm flat-out saying the market is making a top here.

"The market probably has a fair value 80 or 90 S&P 500 points lower than where it is now, so that would imply a decline of 6% or 7%, but I think the more important statement I'm making is that we are likely to be in the process of making a yearly high for the year."