The SPX declined 4.88 points yesterday to close at 1287.79. TOT daily traders attempted to go short but our limit was not met and we therefore stayed sidelined.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 8593.61 cumulative SPX points, compared to a gain of 828.86 points in the index itself over the same period.
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.
Both the long and short term models remain neutral.
The daily model is bearish today, and in the absence of any substantively positive news, the probability is that the market will decline today. TOT daily traders are advised to go 300% short at SPX 1287 stop or at SPX 1292 limit, whichever comes first. If you go short, use a protective buy stop at SPX 1304, although if market breadth is strong, I may recommend tightening that. If not stopped out, and if the SPX is closing down on the day, carry your position over the weekend and into Monday. If not stopped out, and if the SPX is closing up on the day, cover your position on the close and go into the weekend flat.
And on that note, have a great weekend, thanks for the opportunity to be of service, and I’ll email you again in 72 hours – or sooner if circumstances warrant.
Turov on Timing is Copyright (c) 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.