The SPX advanced 9.40 points yesterday to close at SPX 1200.20. As I was writing an intraday message yesterday afternoon to cancel last night’s short sale recommendation, the SPX shot up from being up 21/2 points to being up 6 points in about 4 minutes, and my limit was unfortunately reached. I responded by changing what I had just written to suggest instead a very tight 2 point stop on our 3 unit position, and we were indeed stopped on that in rather short order.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 8453.94 cumulative SPX points compared to a gain of 741.27 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. However, after one last and probably brief spurt higher, I’d expect them to reverse to at least neutral, if not outright bearish sometime next week. But not yet.
The daily model is bullish today, as I indicated on the intraday message it likely would be if the SPX succeeded in closing higher yesterday. TOT daily traders are advised to go 400% long at SPX 1201 stop or at SPX 1196 limit, whichever comes first. If you go long, use a protective sell stop at SPX 1187. If not stopped out, carry your position over the weekend and into Monday.
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) 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.