S&P 500 Chart III {Where we might go}

Double click to enlarge:

Taking this page of the Playbook a bit more seriously at the moment.

Please note this is simply an illustration and not a statement of facto or any sort of guarantee that the S&P 500 could reach these levels.

*Long SPY and other ETFs related to the S&P 500.

One final thought. We've mentioned in the past that since stocks will do what they have to do to prove the most amount of people wrong then the way investors are least positioned would be an absolute blow off to the upside, maybe filling the gap from last fall. Not saying that's going to happen. But that would be the level of maximum pain for many investors.