Dow 16000 by year end?
Hope Mr. Band's prediction is becoming true...
Peter
==============================================================
MARK HULBERT
ANNANDALE, Va. (MarketWatch) -- Richard Band is not someone who makes outlandish predictions just to get headlines.
...
Technical factors appear to have led Band to make such a bold prediction, which amounts to a 33% return for the overall market over the next 12 months.
The first has to do with the stock market's internal characteristics when it hit a low earlier this month. Band argues that that low possessed "many striking technical resemblances to the great bear market bottoms of the past."
...
On Thursday night, he told subscribers not to let "Mr. Market wear you out!"
Band continued: "We're in a critical stage for stocks right now, what technical analysts call the 'right shoulder' of ahead-and-shoulders bottom. The left shoulder formed on March 10, when the Standard & Poor's 500 index touched its closing low for the year (so far) at 1273.37. The upside-down head came on March 17, when the index broke to a new low intraday but finished at 1276.60, slightly above the March 10 close. Now we're sliding down again to complete the right shoulder of the pattern. If all goes well, the S&P should remain comfortably above the two previous closing lows. Then we can rocket higher in April."
Band adds that when the right shoulder of a head-and-shoulders bottom is forming, "the biggest temptation for investors is to throw up their hands and say, 'This market will never go up. It's doomed.' Don't make that mistake. A very powerful and durable rally is in the works. But it may need another couple of days to lift off. Hold the fort and keep the faith!"