The SPX advanced 14.89 points yesterday to close at 1100.09 after having been sharply lower in early trading. TOT daily traders were on the sidelines for the session.
The super long term perspective for the stock market remains bearish.
Both the long and short term models remain neutral.
The daily model is netural today with some component indicators improving yesterday and others deteriorating. The resiliency of the market to not decline further in the face of poor news is bullish, although volume is mediocre and other factors indicate that a major advance right now is unlikely. The daily model is netural today, and we will stand aside again.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 6562.95 cumulative SPX points compared to a gain of 641.16 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.