The SPX advanced 0.99 points yesterday to close at 1265.02 in one of the least eventful sessions in quite a while. TOT daily traders were on the sidelines for the session.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 8540.29 cumulative SPX points, compared to a gain of 806.09 points in the index itself over the same period.
The super long term perspective for the stock market remains bearish (as it has been since January 2000), and it’s unlikely anything will change that for several years.
The long term model remains neutral, and the short term model remains bullish.
Certain daily model component indicators are just screaming to go short, but some others are screaming just as loudly to go long. Obviously, both groups can’t be right, and therefore, the overall daily model remains neutral. We will continue to stand aside.
My intuitive sense about the market is that in the absence of substantive news (bullish or bearish), the market will drift higher. However, my sense is that if there is news, the market would respond to bad news more sharply than to good news. However, I don’t invest based on my intuitive sense, and until this internal battle of indicators sees a victor, we will keep our powder dry.
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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