The SPX advanced 5.19 points Friday to close at 884.39. TOT daily traders came into the session 100% short and covered that position on the opening.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 7162.16 cumulative SPX points compared to a gain of 425.46 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 bullish, and the short term model remains neutral.
Friday’s market had a slight upward bias to it, but with the NYSE 10 most active stocks at 5 up and 5 down, and with the NYSE advance/decline ratio dead even, it can hardly be considered an inspiring session.
The daily model is every so slightly bearish today, but if we could see a 10-15 point rally AND it were accompanied by negative divergence in the intraday model, it would be an excellent shorting opportunity. We’re going to stand aside for now, but if that opportunity occurs, I’ll issue a special intraday email report.
Thanks for the opportunity to be of service to you, and I’ll email you again six hours before the start of tomorrow’s trading session – or sooner if circumstances warrant.
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