The composite system will remain half long/half cash today. Both the JTS and CCI are producing hold signals. We were on pace for a strong JTS buy signal today until the persistent afternoon rally -- now there is too much risk and it will remain sidelined.
Stats have been updated. The good old JTS has taken the lead back.
See ya tomorrow!
J, surprised you didn't add on that gap fill. as I explained several days ago why I thought the mkts would continue to decline (to Alex): ".....The big move from 6/29 is likely to be erased completely before resumption to the upside"
ReplyDeleteNice ride off there for Sp500 followers.
I got some.
FWIW, if we go back down there now, though, it's unlikely it's any longer such a good buy.... fwiw.
I agree a revisit would be less of a sure thing.
ReplyDeleteIf they go back down there, the bulls had better hold 1315. If they don't, then the daily ascending wedge triggers, and that means we will be sliding down to about 1220 over the next month or so. That would provide an outstanding (much longer term - months) swing long play.
ReplyDelete