A very pleasant day, indeed, for the home team, as the SPX declined 17.73 points yesterday to close at 1118.09. TOT daily traders went 300% short at SPX 1133 on Monday and have held the position overnight since then and into today.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 8404.29 cumulative SPX points compared to a gain of 659.16 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 daily model is again bearish today, and after an expected morning pop on the very favorable after-the-close Motorola news, I’d expect to see additional softness. Chairman Greenspan is speaking again this afternoon, and that undoubtedly will have its random impact on the market.
TOT daily traders come into today’s session 300% short. Maintain your position and the protective buy stop at SPX 1143. If not stopped out, carry your position overnight and into tomorrow. The reason I’m not lowering the stop is that regardless of what the market does today, it is a certainty that the daily model will again be bearish tomorrow.
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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