What is a "reasonable target for indices"????

We have ended another week where bears came out of wood work & predicted a guaranteed collapse of this market to 905 area for sure......

CNBC or "Negative Business Channel" was "drooling" with many downside targets going all the way Down to 840....& they all had their "analytical skill behind those downside numbers"

So what happened to those "recorded in-your face DAILY downside numbers".......I am sure Robert Prechter,Art non-Cashin,Guy Adami ,Doug Cliggott,Roubini & David Rosenberg are PRETENDING to be RIGHT when they are alway's WRONG......it is AMAZING that they are all batting 0/100 a record I NEVER thought I will live to see...

Another interesting character in PREDICTION game is NYU economist Mr Roubini who WAS insisting on W shape recovery..while WORLDWIDE Data was CONFIRMING gradual improvement in world economy.......Actually showing GDP growth in China,India,Canada ALREADY.......which Mr Roubini was ADAMANT that none of this IS possible @ all.......

NOW....after being PROVEN WRONG...Mr Roubini was FORCED to change his TUNE...NOW he is RELUCTANTLY admitting to U shape recovery......which less known soul like ME has been PREDICTING worldwide "improving data for months"

So......one economic bear has bite the dust......

Now Mr Rosenberg is the next one to "show his White Flag of surrender"...he is predicting 2% GROWTH in US GDP in 2010.....which IS a good thing to begin with.....so IF he believes his OWN 2% GDP growth number in US..then WHY he IS insisting on S&P 840 by October....SO in next 17 trading days Mr Rosenberg is predicting a daily drop of 10.35 points in S&P 500.....or a drop of 176 points or a drop of 17.32% in 17 trading days.....he was very CONFIDENT of this SHARP & SUDDEN drop?????

SO IF you believe Mr Rosenberg as the best "Market Timer of this century"...Go ahead & SHORT the dickens of this market & be a multi-millionaire in 17 trading days......only on CNBC you get to hear "ways of making instant millions"

BUT...BUT...BUT...David Rosenberg is an economist who is NOT known for Market Prediction...economist are generally WRONG in their OWN arena of economic STAT..which IS evident DAILY with release of any US economic numbers...David is part of that consensus of WRONG numbers......

NOW that you KNOW that so many "so-called Market Timers are getting this market WRONG...the chances of an economist getting it RIGHT is almost 0%"

SO...where do I (small time Blogger) think where we are headed after 5 weeks of PAUSE......???we have been above 1000 in S&P 500 since beginning of Aug.....& have been basing for about 5 weeks.....First low was 980 area & then we made a HIGHER low of 991 area......good technicians will KNOW that it is a bullish trend......HIGHER highs & HIGHER lows.....technical 101.....

BUT...Many are STUBBORN in NOT participating in this UPTREND as they are TRYING to tell the market "What to DO".......NEVER happens.....Market NEVER satisfies anybody either BULL or BEAR.......

Market alway's marches to its OWN RHYTHM......

So..it IS important to catch the RHYTHM of this market......

Many of us have learned "NOT to fight the TAPE"

Trend is your Friend...is an old RELIABLE theme to stick with.....

It is IMPORTANT to "see your OWN mistakes in challenging this market TAPE"

TAPE never LIES.......

After all the analysis which I continuously do on an HOURLY basis...here is my target for next 12 months :

S&P 500 1200.....a further move UP of 184 points or 18.1%

Yes there will be pullbacks of 3% to 7% but in an ascending pattern..so you MAY gain 18% and face a pullback of 7%..net net GAIN of 11%......try getting that gain in your cash account....

Gold is also all set to ZOOM past $1000???? because of upcoming economic GROWTH worldwide......Gold is "slightly above Feb 08" a long base building of 18 months......I can safely say $1200......then all EPS of gold stocks will ZOOM UP......

So..it IS exciting time to be in the market.......

BUT..... IF you are worried & believe some of the doomsters I have listed above... then stay out of the market and WAIT till you are absolutely POSITIVELY comfortable.

BLOG does NOT give buy or sell.

Saleem