S & P 500 Index (1289)

I've said nothing about the S & P 500 Index since early March because there has been nothing to add to my comments at that time. It's as if we're stuck on one side of 1300 or the other, in a gently rising trading range that now extends from approximately 1280 to 1320. When we finally break loose, I'm looking for a quick correction, with a revised target of 1225 to 1240.

With or without this short term correction, I consider the outlook beyond the near term to be positive.