The SPX declined 5.23 points yesterday to close at 1157.54. The decline was no surprise, as I had said on yesterday’s hotline that “The rally may have run its course.” TOT daily traders took profits on our long position and moved to the sidelines.
The super long term perspective for the stock market remains bearish.
Both the long and short term models remain bullish.
The daily model is neutral today, reflecting a balance between bullish and bearish forces. However, there is a very high probability that the rally will resume early next week, regardless of what the market does today. But, for today, stand aside and start the weekend early.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 6826.80 cumulative SPX points compared to a gain of 698.61 points in the index itself over the same period.
Have a great weekend, Thanks for calling, and I’ll speak with you again in 72 hours.