August 24, 2009.....Bob Brinker's guest-host again Sunday was Lynn Jimenez. Lynn commented that in Bob Brinker's latest Marketimer, he says that he is "comfortable" predicting that the S&P 500 Index will reach the 1100 to 1200 range.
Lynn is correct. August 4, 2009 Marketimer, Bob Brinker said: "We continue to have a high comfort level with regard to our projection that the S&P 500 Index will trade significantly higher into next year. Based on our increased operating earning estimate for next year, we are raising our S&P 500 Index price target to the 1100 to 1200 range, up from our prior estimate of 1050 to 1150. Any progress beyond the 1100 to 1200 range will be a function of the magnitude and duration of the economic recovery, which we will continue to monitor on an ongoing basis."
So even though Lynn is correct about what the August Marketimer says, it's very interesting to note that it was in January 2008 (as the mega-bear market began), that Brinker was saying that the S&P 500 Index should be able to achieve a price level into the 1600's range.
And it was just a year ago (as the market was deep in the clutches of the bear) when Brinker was saying that he viewed the price of oil as the "key variable for stock prices" --that it was an "inverse indicator." That theory was not only shot down; it looks like just the opposite is true.
So Brinker is still bullish, making new predictions, and recommending "buy on weakness" (whatever that means is anyone's guess). It's possible he is right this time, and perhaps it's time for him to win one for a change. Even a stopped clock is right twice a day -- and he's way overdue for making a correct market-timing call.
Dixiegeezer took these beautiful pictures in eastern Washington, a few miles from Richland:
.
