The SPX advanced 13.67 points Thursday to close at 893.58. TOT daily traders went 100% long at SPX 880.50 and have held the position over the weekend and into today.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 7497.88 cumulative SPX points compared to a gain of 434.65 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 bullish.
There was so much negative divergence on my intraday model on Thursday that I was tempted to put out a special hotline recommending taking profits. I did not though, primarily because preliminary indications were that today’s daily model reading would be bullish – and indeed, it is. However, I would expect the current rally to end shortly, and I wouldn’t want to overstay my welcome.
TOT daily traders come into today’s session 100% long. Raise your stop to SPX 885. If the SPX rises to 900, raise your stop to SPX 890, and for each additional 5 point advance, raise the stop by an equivalent 5 points. If the SPX gets to 918, take your profit. If neither stop nor limit is reached, carry your position overnight and into tomorrow
Thanks for the opportunity to be of service, and I’ll email you again in 24 hours – or sooner if circumstances warrant.
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