NEW YORK ( TheStreet) -- While most market strategists and fundamental analysts are raising their year-end price targets for the S&P 500, I am not. I say we have reached my first-half target, my semiannual risky level at 1566.9. I predict the S&P 500 will decline to my annual value level at 1348.3 at some point by year's end.While Wall Street tells investors that "no one can time the market," I say you can time the market! I have found that it is easier to be a market timer at a bottom than at a market top, however. This is why my current suggested investment strategy has been to raise cash to at least 50% on strength to risky levels.
In March 2000, with the Nasdaq above 5000, I told investors to reduce holdings in tech stocks by at least 50%. The high was 5132 and I re-iterated my call for Nasdaq 3500 to 3000 by the end of that year. The low in May 2000 was 3043, then after a rebound to 4289 into July, the Nasdaq traded as low as 2252 in December 2000. My next major market-timing call was to be bullish for the Nasdaq beginning in July in 2002 with the Nasdaq below 1200. I reiterated this bullish call in October 2002 with a Nasdaq low of 1109 that month.