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John Defelice

Pineville, NC

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Stock Pick by John Defelice

SPY: Market setting up for harder correction

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Posted 1844 days ago on 6/08/12

SPY will go DOWN
$115.00 on 9/08/12
$203.12 (52.61% from time of market call)
$210.11 (57.86%)
on 4/21/16

Expect this week's bounce to be short lived. Lighten up holdings, or retreat into more defensive posture. The Greek "bomb" will be going off in app 1 week; while this has been two years in the making- the residual effects will last for at least 60 days. Expect the breakdown of the EU with several countries leaving (Greece, Spain , Portugal etc...). It will take time for multi-nationals to assess the damage and the ripple).Biggest concern is China- we aren't getting the whole story and the lack of transparency will be exposed. China does much business in Europe, and cannot ride the Euro the way they have ridden the dollar for years. Get your hard hats on!

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