This is Turov on Timing for Friday, December 29, 2006.
The SPX declined 2.11 points yesterday to close at 1424.73. TOT daily traders went 400% long shortly after the opening Wednesday and have held the position overnight and into today.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 8838.42 cumulative SPX points, compared to a gain of 965.80 points in the index itself over the same period. (Yesterday’s number was incorrect and this number corrects it.) That’s a ratio of 9.15 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 (see Tuesday’s hotline message for an explanation) remains bullish.
The daily model is neutral today, and I wouldn’t be terribly surprised to see the market do almost anything. Cross currents on the last trading day of a year can be treacherous, and with President Bush declaring January 2 a National Day of Mourning in memory of President Ford, traders face a four day trading hiatus.
TOT daily traders come into today’s session 400% long. Liquidate your position at SPX 1431 limit or at SPX 1422 stop, whichever comes first. If neither level has been reached prior to the close, then liquidate on the close and go into the long weekend flat.
All managed account clients will receive a year end message and report from me on Saturday.
Have a safe weekend, a happy new year, and thanks for the opportunity to be of service; I’ll email you again six hours before the start of Wednesday’s trading session – or sooner if circumstances warrant.
Turov on Timing is Copyright © 2006 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 Inc.