This is Turov on Timing for Friday December 14, 2007.
The SPX advanced 1.82 points yesterday to close at 1488.41. TOT daily traders went 300% short on the opening and have held that position overnight and into today.
TOT daily traders have outperformed the SPX in 17 of the past 23 weeks but are behind the 8-ball so far this week.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 10226.70 cumulative SPX points, compared to a gain of 1029.48 points in the index itself over the same period. That’s a ratio of 9.93 to one.
The super long term perspective for the stock market remains bearish (as it has been since January 2000), and it’s unlikely anything will change that for several years.
The intermediate term model remains bearish. I think the top of the 2002-2007 bull market is behind us.
The daily model is bearish today. TOT daily traders come into today’s session 300% short. Maintain the position without a stop. Obviously, if any reader is uncomfortable holding a position without a stop, then choose one that fits your personal cash management style. If the SPX is closing up on the day, take your loss on the close and go into the weekend flat. If the SPX is closing down on the day, carry your position over the weekend and into Monday.
Have a great weekend, thanks for the opportunity to be of service, and I’ll email you again in 24 hours.
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