The SPX advanced 4.37 points Friday to close at 1093.56. TOT daily traders came into the session 400% short, were stopped out on half the position at SPX 1093, and have held the remaining 200% short position overnight and into today.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 8321.46 cumulative SPX points compared to a gain of 634.63 points in the index itself over the same period.
The super long term perspective for the stock market remains bearish, and it’s unlikely anything will change that for several years.
Both the long term and short term models remain bearish.
The initial response to the overnight news is bullish, as oil is off a bit on the perceived Saudi production position. My intuitive feeling is that oil will stay under $40 a barrel for only a short while, and the Saudi posturing is more for purposes of ingratiating themselves with the US government than any true desire for a real price reduction. But who really knows, outside of the Royal Palace?
The news-neutral daily model is bearish today. TOT daily traders come into today’s session 200% short. Maintain your stop at SPX 1106 on the remaining position. If not stopped out, carry your position overnight and into tomorrow.
There’s a lot of resistance above current levels, and any rally is likely to be short lived and of small magnitude, in my opinion.
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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