The SPX advanced 2.12 points yesterday to close at 1118.33, retracing 1/4 of Tuesday’s decline. The advance/decline ratio was positive on the NYSE but negative on NASDAQ. None of the Dow 30 moved by as much as a point in either direction. All in all, a pretty sorry rebound after three down sessions. TOT daily traders went 400% short just after the opening on Tuesday and have held the position since then and into today.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 8255.77 cumulative SPX points compared to a gain of 659.40 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.
Both the long term and short term models remain bearish.
Somewhat to my surprise, the daily model remains bearish today. TOT daily traders come into today’s session 400% short. Maintain your stop at SPX 1132.50. On the downside, if the SPX gets to 1103, take profits on half your position and lower your stop on the other half to SPX 1123. If not stopped out, carry your position overnight and into tomorrow.
Some very short term components of the daily model are oversold, but overall, the market looks like it’s in for more downside action.
Thanks for the opportunity to be of service, and I’ll email you again in 24 hours – or sooner if circumstances permit.
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