The SPX declined 4.45 points yesterday to close at 876.45. TOT daily traders were on the sidelines for the session, as the daily model correctly predicted a stall in the market yesterday. Indeed, for all but about 20 minutes of the past 13 hours of trading, the SPX has stayed within a narrow 875-885 range.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 7501.91 cumulative SPX points compared to a gain of 417.52 points in the index itself over the same period.
The super long term perspective for the stock market remains bearish.
The long term model remains neutral, and the short term model remains bearish – albeit by the narrowest of margins.
In the absence of new developments from Iraq, the market is likely to continue to stay stalled here for awhile. In a news neutral environment (how likely is that!!?), the market should drift modestly lower today and Monday, and then move higher mid-next-week. But, of course, news from Iraq will write the real script. Stand aside for now, but there should be a tradable opportunity in a few days.
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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