The SPX declined 8.52 points yesterday to close at 1113.89. TOT daily traders were on the sidelines for the session and missed the carnage.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 8310.14 cumulative SPX points compared to a gain of 655.06 points in the index itself over the same period.
The super long term perspective for the stock market remains bearish, and it’s unlikely anything will change that for several years.
The long model remains neutral, and the short term model remains bearish.
On yesterday’s hotline, I said “we’re likely to get a waffling session with 1120 being tested again, and the market closing somewhere in its current vicinity.” Well, 1120 was tested in the early going, then the SPX rallied up to 1128, then back to 1120 for over an hour, and then it cracked below it in the late going. All in all, the sidelines was a good place to be.
The news will tell the story in the early going today, and there’s a lot of it coming out today. The daily model is neutral, but I will be monitoring how the market reacts to this morning’s news – and that reaction is FAR more important than the news itself — and if there’s any significant divergence (either positive or negative) on the intraday model, I’ll issue an interim update. Otherwise, continue to stand aside and let someone else feed the floor traders and the specialists.
Have a great weekend, thanks for the opportunity to be of service, and I’ll email you again in 72 hours – or sooner if circumstances warrant.
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