This is my quarterly update on the S&P 500 (NYSEARCA: SPY ) targeted for longer term investors. The last update in July highlighted the bubble risk and noted that theAnalyst’s Disclosure:I/we have a beneficial short position in the shares of SPX either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is ment ...