The SPX is currently precisely unchanged on the day, and I’m unimpressed by the market’s action, despite the market’s being closer to the day’s high than to its low.
TOT daily traders are currently a maximally bullish 500% long. Raise your protective sell stop to SPX 1197 on the entire position, thereby locking in a profit. On the upside, if the SPX gets to 1209.80, take your profit there. If not stopped out and if this revised limit is not reached, carry your position overnight and into tomorrow. HOWEVER, please note that the risk component of the daily model is likely to be extremely high tomorrow, which would flip the overall model into “neutral,” regardless what the directional component will be. Were that expected event to occur, we would either close the position or dramatically tighten the stop.
Thanks for the opportunity to be of service, and I’ll email you again at the regular time.
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