The SPX advanced 25.05 points Friday to close at 1131.78. TOT daily traders went 300% long at SPX 1108 and have held the position over the weekend and into today.
The super long term perspective for the stock market remains bearish.
Both the long and short term models remain bullish.
A short but sweet message today: The advance that began on Friday is likely to continue this week. Raise your stop to SPX 1113 to lock in at least a 5 point profit, and let those profits run. If the SPX rises to 1140, raise your stop to 1118, and for each additional 10 point advance, raise your stop by an equivalent 10 points. If not stopped out, carry your position overnight and into tomorrow.
The bear market is far from over, but as I said a few days ago, the next significant move should be up – and that move began on Friday.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 6718.14 cumulative SPX points compared to a gain of 672.85 points in the index itself over the same period.
Thanks for calling, and I’ll speak with you again in 24 hours.