The SPX advanced 6.09 points yesterday to close at 1144.58. TOT daily traders were on the sidelines for the session.
The super long term perspective for the stock market remains bearish.
The long term model remains neutral, and the short term model remains bearish.
I’ve said for the past two days that the market is likely to “meander slightly higher,” and that’s precisely what it’s done.
The daily model is slightly bullish today, but by such a small amount that any bit of negative news would easily override it. If breadth maintains yesterday’s good ratio, then going long for a scalp might well be worthwhile. But I’m underwhelmed by the opportunity. Officially, we will stand aside, awaiting a fatter pitch.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 6894.14 cumulative SPX points compared to a gain of 685.65 points in the index itself over the same period.
Have an enjoyable holiday Thanks for calling, and I’ll speak with you again in 96 hours.