"Let me tell ya, your love (your love keeps lifting me)
Keep on lifting (love keeps lifting me)
Higher (lifting me)
Higher and higher (higher)
I said your love (your love keeps lifting me)
Keep on (love keeps lifting me)
Lifting me (lifting me)
Higher and higher (higher)" – Jackie Wilson
Here we go again!
3,028 was our July high on the S&P 500 and we're so close this morning we might actually get there into the weekend – isn't that great! This is the highest the S&P has been since it dropped 200 points (6.66%) in the last week of July/first week of August but we held that top for a good two weeks so it's not that likely we'll fall right back off the cliff on Monday – especially as the driving catalyst is "progress" on the China deal and we're not actually meeting until October – so we can have a whole month of enthusiasm before the next breakdown.
That's good news because we'll be adjusting our portfolios into next Friday's Options Expiration Day and it's Quad Witching as the quarter is ending as well so Futures contracts expire along with stock options and I'm going to be very hard-pressed for a reason not to take the money and run on a good deal of our positions, rather than risk an uncertain Q4 – keeping in mind that last year we rolled into September making a new all-time high at 2,950 (that's right, the S&P is only up 75 points (2.5%) since last year) but plunged 600 points (20%), below 2,350, into Christmas.