The SPX advanced 11.99 points yesterday to close at 1214.44. TOT daily traders were on the sidelines for the session.
The super long term perspective for the stock market remains bearish. However, both the long and short term models remain bullish.
On the positive side, the market’s tug of war around the 1200 level was won by the bulls yesterday. However, the inability of Intel to hold onto after hours initial gains is a definite negative. As was the case yesterday, many internal components of the daily model are quite bullish today; yet others are equally bearish. At this time, it’s unclear what the day will bring. However, the first half hour’s trading this morning may provide some valuable clues to the balance of power for the session, and if they do, I will email a free update to all hotline subscribers who have registered their email address with me. I will also record the identical message for those without email. If you have not yet emailed me your address and would like to, my address is firstname.lastname@example.org. Please note that if there is no message by 10:30 EDST, then there is unlikely to be one later in the day.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 6435.75 cumulative SPX points compared to a gain of 755.51 points in the index itself over the same period.
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