Parm

SPDR S&P 500 ETF Trust (NYSEARCA:SPY) Bulls Will Party To 1999

INDEX:SPX   S&P 500 Index
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It seems like a lifetime ago when the markets were in a state of panic and despair. We all remember the historic market crash of 2008 when bulls of the SPDR S&P 500             ETF Trust (NYSEARCA:SPY) were running for the hills and no one wanted to go long again. After weeks and months of red on the ticker, the markets, and S&P 500             in particular found a low of 666.79 in March 2009. Since that low was put in the markets have been on a steady rise higher.

The S&P 500             had such a tremendous climb that it managed to gain an astonishing 105% (704 points) in just 3 years! That is pretty incredible for any individual stock to accomplish such a feat, but for an index to do that is almost unheard of. After the bulls of the SPDR S&P 500             ETF Trust (NYSEARCA:SPY) were up triple digits in percentage terms, that is when the S&P 500             suffered a viscous and much needed correction, declining 21.5% (296 points) from 1370.58 to a low of 1074.77 on October 4, 2011.

Since that October low the S&P 500             has been back on the steady path higher. It blew past the October 2007 high of 1576.09 and seems to be making new all time highs on a daily basis. The S&P 500             seems to have the 2000 level in its cross hairs. In fact if the market keeps climbing to 2000.37 to be exact, it will be up 200% from the lows in March 2009. What I find interesting is that the S&P 500             is nearing the second century of gains in percentage terms. If this feat is attained we might be in store for a much needed correction, kind of like the one we received in the summer of 2011. With that being said the longs are fully in control and the SPDR S&P 500             ETF Trust (NYSEARCA:SPY) bulls will party all the way to 1999.

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Parm Mann
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