TOT daily traders came into today’s session 300% long from SPX 2080 and took profits earlier today at SPX 2094.
For the reasons explained in the next paragraph, TOT daily traders are now advised to go 200% short at SPX 2105 stop (the SPX is just about a point north of there right now).
Reasons: (1) Most importantly, while the daily model was netural today, my Index Models were mostly quite bullish for the early going, and quite bearish for the afternoon. (2) Less importantly, the supposed reason for the rally today was a rumor of Germany’s indication of a new willingness to be soft on Greece. With the European markets now closed, shorting is less risky.
However, I want to protect the short position with a tight stop. If you go short, use a protective buy stop at SPX 2116.
If short as we approach the close, carry the position overnight and into tomorrow.
Thanks for the opportunity to be of service, and I’ll email you again prior to Thursday’s opening – or sooner if circumstances warrant.
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