Saut: Cautious Yes, But Bearish No!

Jeff Saut, the respectful strategist at Raymond James has posted his weekly missive, see the latest version here. Last time on this blog Jeff suggested this.
His call for this week (but read the full story) in very short, and written before the bullish break-out on charts yesterday:

Well, I am still traveling in Europe, but if stocks don’t correct I would anticipate another leg “up” into quarter’s end. Our upside target, if the indices re-energize, is 1050 on the S&P 500 (SPX/919.14). To play such a move, if it develops, is the idea of buying the index of your choice, with a concurrent downside hedge (read: options), which makes all the sense in the world. I’ll be back next Monday.

And we look at Russell 2000, click to enlarge, courtesy of StockCharts.com! Russell 2000 appears to be in a clear technically bullish break-out ...


We also look at S&P500, which has a final hurdle at 945 area ...


Watch out!