The SPX declined 12.62 points Friday to close at 898.81. It was the second consecutive day that the TOT daily model was bearish, but because of rather high upside risk, TOT daily traders stayed on the sidelines rather than going short.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 7479.30 cumulative SPX points compared to a gain of 439.88 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.
The daily model is bearish today, BUT if the market can avoid selling off more than about a percentage point, AND if it can show some stability and strength in the late afternoon, a powerful rally may be close. I would not short into the current weakness, and I will be looking for a buying opportunity later in the day. If I find it, I’ll email you with a special report. Otherwise, just stand aside.
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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