The SPX advanced 12.47 points yesterday to close at 1313.27. TOT daily traders came into the session 300% short and covered that short near the low of the day at SPX 1290. We are currently flat.
The bond model remains neutral, and the gold model remains bearish.
The super long term perspective for the stock market remains bearish.
The long-term model (a six month perspective) remains neutral, and the short term model (a one month perspective) remains bearish.
I’m quite impressed with the way the market shrugged off the negative news about Cisco and the California utilities, and barreled ahead in late trading. I’m also impressed at how the NASDAQ futures on Globex this morning are holding their own fairly well in the aftermath of a negative report by Yahoo. Markets that rally in the face of bad news generally continue to rally — at least for as long as they’re able to slough off continuing bad news.
The daily model is bullish today. TOT daily traders should go 300% long at SPX 1315 stop or 1307.50 limit, whichever comes first. Use an 18 point protective sell stop on the position. If not stopped out, carry your position overnight and into tomorrow.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 6409.71 cumulative SPX points, compared to a gain of 854.34 points in the index itself over the same period.
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