All of you who have been wishing you sold some stocks earlier, who have been waiting for an opportunity to get out at a higher price, who have been whipsawed by recent market action, today is your day. Today is a wonderful day to sell stocks.
At around 1395, the S&P is right at what has been substantial resistance for most of this year (S&P Trading Range Chart).
Sentiment is becoming more and more optimistic and I just get this feeling many are starting to really believe the worst is past and it’s higher from here. That could carry us through resistance but ultimately reality will impose itself.
At 1395, we’re only 11% off the 1565 closing high set on October 9, 2007. That means you can sell for only 11% off the very peak of the bull market.
I’m not saying this is the absolute top of this move and stocks are going to reverse immediately. They could go higher. This isn’t a science. But it’s a wonderful day to sell, in my opinion.