The SPX declined 9.59 points yesterday to close at SPX 1200.75.
Although I never invest based on my emotions, I’m human just like the rest of my readers, and I do have emotional responses to the market. And sometimes I feel really smart after a great market call, and sometimes I feel really stupid. And if I’m allowed to gloat only once a year over a great call, then I’ll take my bow today – for getting us out just at the right time! As you know, TOT daily traders went 200% long at SPX 1198 last Friday and another 200% long Monday at SPX 1206. Well, we took our profit yesterday morning on our 400% long position at SPX 1210, just before the market tanked! Anyway, I allow myself one gloat a year, and that was it! Now, it’s back to “humble” for the rest of 2005!
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 8511.31 cumulative SPX points compared to a gain of 741.82 points in the index itself over the same period.
The super long term perspective for the stock market remains bearish, and it’s unlikely anything will change that for several years.
Both the long and short term models remain bullish.
The daily model is bearish today. TOT daily traders are advised to go 300% short at SPX 1204.80 limit or at SPX 1197.80 stop, whichever comes first. If you go short, use a 10 point protective buy stop on the position. If not stopped out, cover your short on the close and go into the weekend flat, as I do not expect this selling to turn into a rout.
Have a great holiday weekend, thanks for the opportunity to be of service, and I’ll email you again in 96 hours – or sooner if circumstances warrant.
Turov on Timing is Copyright (c) 2005 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.