Granite Group is happy that our blog has created so much interaction with our clients. We are “old school” in our approach with no fancy algorithms. As of this writing the S&P is at 1935. A technical breach of 1925 on the S&P, would take us to the next resistance level of around 1900. We do not believe that we will breach the 1900 point because on a fundamental level, the S&P would be trading at 15 times 2015 first call estimates. While we are NOT traders, and it is hard “to catch a falling knife”, anything lower would present a reasonable fundamental entry point for longer term investors.
If you are not a private client or a retirement plan client, please call your advisor before investing or call us for any clarification.