Technicians target for S&P 500 proving to be too conservative ?

Technicians are confused about S&P 500 strength in Q 1......

68% of technicians / strategists falling short in their year end target, first time this happened since 1995

75% have already seen their year end target completed in 4 months

Mid year S&P 500 target already completed for 27 out of 28 strategist

SO..the bottom line is that S&P 500 target for 2013 was too low by most analysts & their time frame was back end loaded which has proven too conservative....

SO.....most analysts are busy coming up with new multiple for S&P 500 to increase their target.

1660 is the magic number for S&P 500 for 2013

The best pullback we had so far in 2013 was 2.8% in late February

This week is Option Expiry on Friday & VIX is expiring on Wednesday

Generally there is more volatility in the week of Option Expiry...

IF we get a day & half pullback, it may provide a good entry for trade.

They way i see it, till end of September, it is time for opportunistic trade & be involved with trades that are working.

VIX @ 12.06 is a reason for some kind of pullback in market.

One bear is predicting a fast 8% to 10% decline.....

Biggest bear Robert Prechter keeps on harping that we are going well below 2009 low ?????
He has used this thesis since 2009 & keep insisting its imminent every 3 months.......he does not care that he has been proven wrong by market for over four years..something everyone should learn that never be married to your own conclusion IF market has proven you wrong....NEVER FIGHT THE TAPE

Here is my weighting :

BBRY 33.69%

BAC  31.70%

HMC  21.48%

JCP    13.13%

Exposure 82%

In conclusion, this TAPE is proving most of the pundits wrong. 

This TAPE is also proving that many star stocks are taking it on the chin.

Stock selection & high conviction is the key.

Start fresh with new ideas which is working better.

Never forget to book profit.

Seasonally we have entered a "weaker period"...recognize this but look for opportunity to make money.

Remember.... you are buying individual stocks not S&P 500, they may perform way better than index, even in weak periods.

BLOG does NOT give buy or sell.

Saleem