TOT daily traders were advised to stand aside today. I also stated, “since it is a certainty that the daily model will be bearish on Thursday, regardless what the market does today, go 100% short at the market on the close today and carry the position overnight and into Thursday.” However, while theoretically, the decline “should” continue tomorrow, the magnitude of today’s decline is reminiscent of the decline on May 21, 2008 when the SPX fell from 1413.71 to 1390.71, a decline of 1.63%, very close to today’s SPX decline (as of this writing) of 1.50%. The following day, May 22, 2008, the SPX advanced .26%. So the “should” is a “maybe”. Therefore, cancel the previous recommendation, and continue to stay on the sidelines.
Thanks for the opportunity to be of service, and I’ll email you again in about 10 hours.
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