A good day for the home team as the SPX advanced 9.07 points yesterday to close at 999.74. TOT daily traders went 300% long at SPX 979 last Tuesday, another 200% long at SPX 987.50 Wednesday, and took profits on the close yesterday at SPX 999.74.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 7892.39 cumulative SPX points compared to a gain of 540.81 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 and short term models remain bearish, although only by the narrowest of margins.
The daily model is bearish today, and in the absence of unexpected positive news, we should see a softer session today, prior to a probable resumption of buying some time tomorrow. TOT daily traders are advised to go 200% short at SPX 999 stop or at SPX 1004 limit, whichever comes first. Use a 10 point protective buy stop on the position. If the SPX declines to 990, lower your stop to SPX 1000, and for each subsequent 5 point decline, lower the stop by an equivalent 5 points. If not stopped out, carry the position overnight and into tomorrow, at which time we will likely either tighten the stop or simply cover the short, depending on circumstances.
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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