The SPX declined 1.27 points yesterday to close at 1128.17. TOT daily traders were on the sidelines for the session. (1.27 should be 1.25)
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 8359.56 cumulative SPX points compared to a gain of 669.22 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.
The long model remains neutral, and the short term model remains bearish.
It was quite a yo-yo session yesterday, with the market selling off sharply at the opening, then rallying, then selling off again, and then rallying into the close. Breadth, though, was quite poor, and only one of the NYSE top 10 volume stocks managed to advance.
The daily model is bullish today, but I’d expect to see some more selling in the early going first. I want to go long, but only into weakness as the selling dissipates. If that scenario plays out, I’ll have an intraday update with a recommendation as soon as it does.
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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