and welcome back to RI's S&P 500 blog.
The old adage of Sell in May and walk away has so far been correct once again. As per my recent blog entries, one ought to expect a test of the $130 area on the SPY over the course of the next few weeks. That test in now underway. Worries over the financial sector and the associated housing crissis will prevent any further upside action for the time being. As well, the parabolic nature of the energy markets will act as both a dampener on economic activity and a stimulant for inflation. See RI's recent report, Opportunities in Options - Is it now time to start building a short position in Energy, for a further look into the potential profits in shorting oil (through the use of long term Put Options).
That's all for this week, enjoy,
Brian Beamish FCSI
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