The SPX declined 1.83 points Friday to close at 1224.40. Interestingly enough, at the 4:00 normal close, the SPX was actually in positive territory for the day. But they delayed pricing the close on Friday until 5:00 because NASDAQ stayed open until then as a result of their computer glitch. TOT daily traders went 300% long at SPX 1228 and have held the position over the weekend and into today.
The super long term perspective for the stock market remains bearish. However, both the long and short term models remain bullish.
For the fourth consecutive session, NYSE market breadth was roughly 3:2 positive, yet over these four sessions, the Dow Industrials actually fell by 2 points and the OEX index was dead even. The SPX was up a mere 5.8 points over the same four day interval.
Early July has a very strong bullish tendency, and this July should be no different. For example, July 1 has risen 70% of the time since 1953, and July 2 has risen 66% of the time since then. I would not automatically be long over this period, but when confirmed by the daily model – as it is – it bodes well for the market.
TOT daily traders come into today’s session 300% long. Maintain your position and the stop at SPX 1208. If not stopped out, carry your position overnight and into tomorrow.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 6448.95 cumulative SPX points compared to a gain of 765.47 points in the index itself over the same period.
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