Gordon: New Highs Within a Month

“I’ve gone back and compared this correction to the most comparable correction, which is 2011, and what you will notice is the two are tracking very closely,” said Todd Gordon of TradingAnalysis.com.

“They both completed a double bottom, and the S&P has come back rather sharply, much like the 2011 recovery did. The only thing that’s missing is one little setback. We need some profit-taking. … We need to set back quickly, shake some longs out, before we move higher.

“I would say two to four weeks before we make a new high, but I do think in the near term we’re going to set back.”

— Excerpt contributed by Jason Kelly

_____________________________________

Z-val: Todd Gordon
Via: CNBC
Date: 11/4/15
Disposition: Immediate-Term Bullish
S&P 500 on 11/4/15: 2102
S&P 500 on 12/4/15: 2092
Change: -0.5%
Judgment: Wrong

Z-val definition and more forecasts in The Z-val Zone.

Gordon

Scorecard

This Forecast

Accuracy

of 1

Judged

Forecast

Created with Snap
This entry was posted in Z-vals and tagged . Bookmark the permalink. Post a comment or leave a trackback: Trackback URL.

Post a Comment

Your email is never published nor shared. Required fields are marked *

*
*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Bestselling Financial Author