TOT daily traders came into today’s session 200% short and have maintained the position with a protective buy stop on the position at SPX 2453. The market has been modestly positive for most of the session. It is a virtual certainty that the daily model will be bullish tomorrow, but the Index models indicate that most of the anticipated advance will be after 10:45 a.m. In light of that plus the fact that the stop is fairly close, I am inclined to hold the position overnight (assuming we are not stopped out in the next 40 minutes) with the expectation of covering it and reversing to the long side some time early in tomorrow’s session — ideally at a lower price than the current SPX 2448.
Thanks for the opportunity to be of service, and I’ll email you again tonight.
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