This is Turov on Timing for Friday, December 3, 2010.
Another very good day for the home team as the SPX advanced 15.46 points yesterday to close at 1221.53. TOT daily traders went 300% long at SPX 1180.55 Tuesday and took profits at SPX 1220 yesterday. We also went 300% short on the close and have carried that position overnight and into today.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 12176.78 cumulative SPX points, compared to a gain of 762.60 points in the index itself over the same period. That’s a ratio of 15.97 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, 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. Expect to see the mid 1100’s by mid December. That decline should begin today.
The big unknown for today is the jobs report, due out an hour before the market opens. Not being clairvoyant, I obviously have no idea what that report will be like. However, in a news-neutral environment, the daily model is as bearish as it ever gets.
TOT daily traders come into today’s session 300% short. Go an additional 200% short at SPX 1220 stop or at SPX 1228 limit, whichever comes first. That will bring us up to a maximally bearish 500% short position. Use a stop on the entire position 10 points above the entry level of today’s new position.
Thanks for the opportunity to be of service, and I’ll email you again at 10:50 a.m. – or sooner if circumstances warrant.
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