The SPX declined 10.9 points yesterday to close at 879.91. TOT daily traders were on the sidelines for the session.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 7484.80 cumulative SPX points compared to a gain of 420.98 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 neutral, and the short term model remains bullish. However, if the SPX is down today – contrary to expectations – then the odds are overwhelming that the short term model will downtick on the close.
The market continues to respond to news, gapping up in the morning yesterday on favorable INTC and MSFT news, selling off on negative KO and MMM news, albeit with a negative bias, as anticipated on Tuesday’s message. Nevertheless, and despite yesterday’s selloff, the daily model is bullish today – but far from overwhelmingly so. TOT daily traders are advised to go 100% long at SPX 880.50 stop. Use a 12 point protective sell stop. If not stopped out, carry the position over the holiday weekend and into Monday. However, please note that if the SPX is down on the day today, then there is no chance that the model will be bullish on Monday (it will either be neutral or bearish), and if we do carry the position into Monday, we will use a stop no more than 2 points below today’s close on Monday.
Enjoy the holiday, thanks for the opportunity to be of service, and I’ll email you again in 96 hours – or sooner if circumstances warrant.
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