A good day for the home team as the SPX declined 9.22 points yesterday to close at 1109.11. TOT daily traders went 400% short just after the opening on Tuesday and have held the position since then and into today.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 8292.65 cumulative SPX points compared to a gain of 650.18 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.
Both the long term and short term models remain bearish.
The market has become oversold in the very short run, and the directional component of the daily model is bullish today. However, the risk component of the model is sky high, making going long too risky. Since we are short though, we will close out our short position on the opening, move to the sidelines, and start the weekend early.
My best estimate is that the market will have a modest rally today and Monday, and will follow that by a resumption of the downtrend. But for now, stand aside.
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 permit.
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