The SPX advanced 4.52 points Friday to close at 1104.61. NASDAQ was down and the Dow was up. TOT daily traders were on the sidelines for the session.
The super long term perspective for the stock market remains bearish.
Both the long and short term models remain neutral. However, the short term model is improving and an uptick soon is quite possible.
The daily model is slightly bearish today. TOT daily traders should go 100% short at 1104 stop or 1119 limit, whichever comes first. Use a very tight 5 point protective stop. If the SPX declines to 1083, take your profit. If neither stop nor limit is reached, cover your short on the close. Do not carry your position overnight as it is highly unlikely that the daily model will be bearish again tomorrow.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 6562.95 cumulative SPX points compared to a gain of 645.68 points in the index itself over the same period.
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