The SPX advanced 18.85 points yesterday to close at 1190.50. TOT daily traders came into the session 300% short, and took profits on the position at SPX 1180.
The super long term perspective for the stock market remains bearish.
The long term model remain bullish, and the short term model remains neutral.
The directional component of the daily model is bearish today. However, the risk component is right on the cusp of excessive and not excessive. I want to wait until I see the first 15 minutes of trading before deciding whether it is worthwhile going short again. If it is, I will record an update at 10 am Eastern time, and will announce the existence of such an update via email to all those who have registered their email address with me. If you have not yet done that and wish to, my email address is firstname.lastname@example.org.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 6516.91 cumulative SPX points compared to a gain of 731.57 points in the index itself over the same period.
Thanks for calling, and I’ll speak with you again in 24 hours.