The S&P 500 (SPX) advanced 10.88 points yesterday to close at 1201.57. TOT daily traders went 300% short at SPX 1211.50 on Thursday and took a solid profit on yesterday’s opening. We are currently flat.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 8633.05 cumulative SPX points, compared to a gain of 742.64 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.
Both the long and short term models remain bearish.
Yesterday’s advance was news-inspired by the increase in consumer confidence plus a sharp drop in oil. The catalyst for it was the waning of bearish momentum, which is why we covered our short on the opening.
While there’s a good chance of a rally today in the speculative sector of the market (semiconductors, internet, other tech), the blue chips may do less well. The SPX, which is comprised of both groups, will likely do little, in the absence of substantive news. Of uncertain significance, at present, is the Fed. TOT daily traders are currently on the sidelines, and since this service is SPX oriented, we will remain there.
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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