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You know the Fed meeting coming up this week seems to be all the talk Jeffs -- joins us chief investment strategist of religion and all the talk surrounding his death is that.
And it's different by the weather was last week -- last week of the week before -- we can't -- were afraid of this tapering and now apparently were fine with itself.
I think nothing's gonna happen I find myself and rare.
Place to being an agreement with nori -- -- who said last week that he doesn't think that the Fed is gonna do anything between now -- -- -- year -- -- I think they don't want to tamp down on that recovering in the housing market or the economy overall so -- I'm with him I don't think they're gonna do anything.
So it's not so much that we've come to terms with the idea that the Fed will be -- cutting back got stimulus should -- It's that we just don't think it will happen to you -- I would think pretty optimistic about the stock market.
I am the timing models that work so well this year actually targeted June 11 and twelfth for some kind of -- to the downside.
I actually thought the news backdrop was going to be out of the German Constitutional Court that was hearing.
Objections to the constitutionality.
Of the ESM the European stabilization mechanism it turned out to be Japan.
I think we go back up into the into the quarter make the under invested -- pay up.
For performance reasons and then I think you're in the process of putting and a intermediate term top that will give you the first.
Decent pull back this year in the July August timeframe but I think it should be bought.
That's what I was gonna ask about is that at some point we will need to see.
Some sort of a quote unquote it's a decent pullback -- where is that may be on the recipe which is on the screen.
Right now at 1645.
What's that -- immediate top you're talking about.
Well we made 1687.
On an intraday -- high back on May 22 and then you've got that downside reversal day.
Simultaneously by the way you had the upside reversal in the Japanese yen against the US dollar what's causing consternation and so.
I think we're gonna -- and trade back up to that 1687.
Hi if we don't make it and then turned down then I think you're gonna get a premature.
Pull back but the timing models say we should make a slightly higher high and then you should get some kind of July -- Isn't there some buy it as we wait for that to happen and then everybody will be a while while it's happening -- be overly negative I would think is there's some chance that maybe -- Well ahead of ourselves and overly bullish now I mean I know you like just about the entire market with a few exceptions -- utilities and that you don't like that much but you you like most almost the whole market may -- too -- are now.
-- I don't think so you've had four major bases.
Wide swinging trading range market in the Dow Jones Industrial Average since 19100.
And every time you've broken out of one of those twelve year process.
While long term wide swinging trading range basis you've been -- new secular bull market.
And we have broken out of it have the twelve year.
Basing period and not a whole lot of people were talking about I think the -- that -- in -- -- secular bull market or about 50% right here.
And -- way under invested and there are article there's the case the bullish case which is well received that a day like this are a 190 points -- -- as always thank you very much.
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