The Long Investor

$SPY TOP 20

Added 2024-06-16 18:05:49 +0000 UTC

The general consensus across Wall Street is that the $SPY can run to $550 - $560 in 2024 and I think that is a fair assessment, there is no analyst saying that $600+ is on the cards, I think even an aggressive melt up could not push valuations this high.

I think a more logic response would see Mega Caps topping out before earnings and some rotation into small stocks before a correction takes place.

There is a lot of pressure boiling towards the elections now.

Valuations are now stretched and the fundamental averages are almost double the historical average of the S&P 500, right now the S&P 500 PE average is the exact same as it was in 2021 before the market corrected for 18 months, charts are also showing the same, that we are in deep Wave 5 territory now.

Let's take what we can but be mindful that we need to continue preparing for the correction.

Cash, Safe havens, Bonds, possibly Crypto and high dividend stocks should be studied and added over the next few weeks - months.