S & P 500 Index (1241)

In late July I said that the S & P was drifting higher toward a 1270 area target in an otherwise quiet market. It's been quiet all right. Since then, we have set back 35 points and gained 41 points, for a net advancement of 7 points in a month and a half.

On August 20th I said that I was concerned about too many individual stocks moving into a period where short term tops were becoming evident. We are still building what I would call a short term market top, and I am still looking for a correction once my nearby S & P target objective has been met.