I had expected the preliminary news-neutral daily model reading for Monday to be bullish. I’ve just finished my analysis, and it is not “bullish enough”. Indeed, while it is slightly more bullish than bearish, it certainly is not sufficiently bullish to overcome the risk inherent in the unknown outcome of the Greek negotiations, about which I have no opinion. There are simply times when caution is warranted, and missing a single day’s potential gains are worth standing aside. I believe that the current situation qualifies. As I said, if the preliminary daily model were strongly bullish, I would go with it, but it simply is not.
TOT daily traders are 100% long from SPX 2102.62. Maintain our SPX 2094.12 stop for the balance of today, but if not stopped out, sell the position on the close and go into the weekend flat.
Have a great weekend, thanks for the opportunity to be of service, and I’ll email you again six hours before the start of Monday’s trading session.
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