This is Turov on Timing for Friday, January 15, 2010.
The Standard & Poor’s 500 Index (“SPX”) advanced 2.78 points yesterday to close at 1148.46. TOT daily traders went 400% short at SPX 1146.74 and have held the position overnight and into today.
The super long term perspective for the stock market remains bearish (as it has been since January 2000). I expect that the bear market will resume in earnest later this year, leading to a possible end to that decade long perspective at lower prices in 2011 or 2012. But we’re certainly not at that point yet.
The Intermediate Term Model remains bearish.
The potential exists for a significant decline today.
TOT daily traders come into today’s session 400% short. Maintain the SPX 1158.21 stop.
Thanks for the opportunity to be of service, and I’ll email you again at 11:00 a.m. – or sooner if circumstances warrant.
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