The SPX declined 15.74 points yesterday to close at 1122.41. TOT daily traders were on the sidelines for the session and missed the carnage.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 8310.14 cumulative SPX points compared to a gain of 663.48 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.
On yesterday’s hotline, I said we need some more “weakness in the market, bringing us down to support in the lower 1120’s, before we can see some better buying come in.” That objective was reached, and unless there’s some significant news, we’re likely to get a waffling session with 1120 being tested again, and the market closing somewhere in its current vicinity. Under those circumstances, it seems appropriate to keep our powder dry and await a better opportunity.
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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