The SPX declined 5.30 points on Friday to close at 1101.39. On Monday, the SPX declined an additional 0.49 point to close at 1100.90. TOT daily traders went 400% short at an average price of SPX 1107 on Friday 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 8317.05 cumulative SPX points compared to a gain of 641.97 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. However, the short term model will probably turn bullish before the end of the month – but we’re not there yet, so don’t rush in.
The daily model is neutral today. In the absence of substantive news, expect a lot of gyrations around the SPX 1100 area. TOT daily traders come into today’s session 400% short. Lower your stop dramatically to SPX 1102. If not stopped out, carry your position overnight and into tomorrow.
My gut feeling is that the market wants to move higher here, rather than lower, but with the daily model neutral and the short term model still bearish (albeit improving), one would have to be reluctant to go long just yet.
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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