Moneytalk, July 11th, Brinker said that the market had been in correction mode and as soon as the correction ended, the upward trend would resume. Brinker also said that he had issued a new "outright buy" in the July issue of Marketimer.
Excerpts from my July 11, 2010 Summary:
Brinker monologue: ......And so there was the potential, as I described on the broadcast a few weeks ago to upgrade the stock market to attractive-for-purchase. In other words, to buy. So that lump sum purchase could be made at favorable price levels -- that's the whole idea. To time a favorable level to buy into the market. That's the whole idea of that upgrade.....
......It took a lot of patience because the correction began back on April 23rd when we made the 2010 recovery high in the S&P 500 Index of 1217. Now the broad-based index, the S&P 500 was down 16% on the night of June 30th, closing at the 1030 level.....And on the next day, Thursday, July 1st, my investment letter which went online that morning, cited that that level, the close of June 30th, 1030 region, that level of prices close to that level were attractive for purchasing the market. And prices in the low-1000's -- and certainly 1030 is right there -- in that range of the S&P 500 Index is what I was talking about, and specified at that time back on Thursday, July 1st.....
..... Now subsequent to that, the S&P 500 Index closed on that day at 1027. The next day was Friday, July 2nd, and the S&P closed at 1022. The next market day was Tuesday, July 6th, following the holiday weekend and the S&P again closed in the same region -- 1028 was the close. All of these closes.....were all within less 1% of the Wednesday, June 30th close of 1030, when I upgraded the stock market to attractive-for-purchase when my letter went online on Thursday, July 1st.......
Honey EC: July 2010 Marketimer that Brinker cited, Page 3, Brinker said: "We expect the S&P 500 Index to trade into the 1275 to 1325 range by next year based on our current economic assumptions."Brinker continued monologue.....Now if I'm correct that all we've been seeing here is a stock market correction in an ongoing cyclical bull market, we should see a lot of happy campers...... when the S&P 500 makes new recovery highs down the road. That would mean it would have to get above the April 23rd, 1217 closing level.....
In the August issue of Marketimer, Brinker raised his S&P 500 target range to 1275 - 1325, which he said would equal a 27% rally from the low of 1022.58.
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