We had a stock signal update just over a week ago, and rode the recent stock market surge higher. After the rapid rise, our overbought models are signalling a moderately bearish stance. Our long-term models remain bullish.
- Long-term investors should maintain long positions.
- Traders should monitor positions and either be flat -- or have very close stops to exit long positions...
- Traders and investors looking to go long or add to long positions -- should wait for a pullback -- or an oversold signal.
Our last update was on April 24, 2012, when the S&P stood at 1371. The S&P now stands at 1406.