The SPX declined 10.24 points yesterday to close at 1254.78. 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 795.85 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.
Despite the sharp selloff yesterday without truly substantive news, despite the damage done to traditional charts, and despite there being not a lot of reasons to be bullish, the daily model remains steadfastly neutral, indicating that a meltdown is not imminent. With three decades of research going into the composition of the daily model, I’m not going to go against its reading, and we will again stand aside, awaiting a better risk:reward opportunity.
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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