The SPX advanced 10.19 points yesterday to close at 1117.49. 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 8310.14 cumulative SPX points compared to a gain of 658.56 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.
The long model remains neutral, and the short term model remains bearish.
The market had a typical bear market bounce yesterday. NASDAQ barely outperformed the SPX (a negative), as the NASDAQ closed only a hair above where it opened, having given up almost all of the intraday part of its gain. The NASDAQ advance/decline ratio was 6:5, and that’s no big deal after the shellacking it took last week. Four of the five NYSE most active stocks declined. All in all, an advancing session based on some decent news, no negative news, and the relief that the selling had stopped. As I said, a typical bear market bounce.
In the absence of bad news, that bounce should continue a bit more in the early going. I’m looking for an ideal spot to go short, and I’ll be monitoring intraday activity carefully for a relatively safe place to take such a position. I’d like to see the market open a bit stronger, make its way above 1020-22 resistance, and then fall down below it, unable to make its way back up again. That would be ideal, but “ideal” is about as rare as holes-in-one on the golf course. So, stand aside for the time being, but check your email, as I think a shorting opportunity is close at hand – I which case I’ll call it to your attention.
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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