This is Turov on Timing for Friday, August 26, 2011.
The SPX declined 18.33 points yesterday to close at 1159.27, wiping out Wednesday’s gain. TOT daily traders were on the sidelines for the session.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 12564.18 cumulative SPX points, compared to a gain of 700.34 points in the index itself over the same period. That’s a ratio of 17.94 to one.
The super long term perspective for the stock market remains bearish (as it has been since January 2000 after having been bullish from December 1974 until then). When the current cyclical bull market ends (and at present, it is quite possible that it has already ended, the major doubt factor being the upcoming presidential election), expect another nasty crash to perhaps finally bring an end to the long term bear market that began in 2000.
The Intermediate Term Model remains bearish.
I remember in 1967, watching the market vacillate up and down wildly with every report over the fight over the shape of the table to be use for the Paris Peace talks. Today is likely to be one of those days, as traders try to figure out if Chairman Bernanke will be burping out of the left or the right side of his mouth. It’s really all such nonsense, in my opinion, but the market doesn’t seem to want to see it that way. In any event, the news from the Chairman will be THE news today, and without reading his mind, there’s no way of knowing which way the market will go. Stand aside and batten down the hatches, even if you don’t live on the East Coast. (And to my East Coast friends, good luck this weekend, with Irene.)
Have a great weekend, thanks for the opportunity to be of service, and I’ll email you again in 72 hours. There will not be any intraday updates today.
Turov on Timing is Copyright © 2011 by Turov Investment Group Inc. All rights reserved. Turov on Timing is for personal use only. All caveats and advisories that appear in the monthly Turov on Timing apply equally to this email. Re-publication and distribution is strictly prohibited. No part may be reproduced without the permission of the Turov Investment Group In