This is Turov on Timing for Friday, December 7, 2007.
In an explosion of exuberance over the government’s latest bailout of the imprudent, the SPX advanced 22.33 points yesterday to close at 1507.34. TOT daily traders were on the sidelines for the session and missed all the froth.
TOT daily traders have outperformed the SPX in 17 of the past 22 weeks but are behind so far this week.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 10255.86 cumulative SPX points, compared to a gain of 1048.41 points in the index itself over the same period. That’s a ratio of 9.78 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. The market has now rallied to an area where further gains are likely to be labored – or non-existent.
The market will most likely respond intensely to both what happens in Asia and Europe before the opening of the US session, as well as what Wall Street analysts say about the President’s mortgage plan now that they’ve had more relaxed time to think about it. Furthermore, the pre-opening jobs report is obviously going to impact the opening.
Therefore, I’m going to stand aside for the time being and will have an intraday update within the first 90 minutes of trading.
Thanks for the opportunity to be of service, and I’ll email you again in a few hours.
Turov on Timing is Copyright © 2007 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.