The SPX declined 26.31 points yesterday to close at 1078.30. TOT daily traders took a 21 point profit from the short side.
The super long term perspective for the stock market remains bearish.
Both the long and short term models remain neutral.
The month ending October seasonality period is one of the most reliably bullish periods of the year, and there was a high probability that the daily model would be bullish today. However, so very many other component indicators are negative that the daily model is unable to muster more than a neutral reading today. So, to my disappointment, we will remain on the sidelines today.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 6583.95 cumulative SPX points compared to a gain of 619.37 points in the index itself over the same period.
Thanks for calling, and I’ll speak with you again in 24 hours.