JEFF SAUT: I've Been Warning About July 19 For Two And A Half Months
Jeff Saut, the top investment strategist at Raymond James, is pretty sure the stock market is due for a sell-off.
In fact, he has pinpointed the date of the top: July 19.
The timing could be appropriate considering the fact that both the Dow and S&P 500 closed at all-time highs on Thursday.
Saut spoke with Eric King of King World News:
“For the past two and a half months I have targeted tomorrow, July 19th, as the intermediate-top on both my quantitative timing and technical models. So I think tomorrow is the potential turning point for the first meaningful decline of the year. I have been raising cash for the past few weeks and I think this correction in the stock market will be roughly 10% to 12%.
It’s just a question of, is this thing going to end with a whimper, or is it going to end with a bang? The shorts have been absolutely destroyed here. We could see a blue-heat move that carries the S&P 500 somewhere between 1,700 and 1,730. That would be the ideal pattern, but they don’t operate the market for my benefit so you have to take what they give you.
I don’t think anybody can time the market on a consistent basis, but if you listen to the message of the stock market you sure as heck can decide when you should be ‘playing hard’ and when you should not be playing as hard, and so I’m not playing that hard right here.”
Read more: http://www.businessinsider.com/jeff-saut-july-19-stock-market-top-2013-7#ixzz2ZRpac1Bj
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