This is Turov on Timing for Friday, January 8, 2010.
The Standard & Poor’s 500 Index (“SPX”) advanced 4.54 points yesterday to close at 1141.68. TOT daily traders went 200% long at SPX 1134 Tuesday and another 200% long at SPX 1137.50 Wednesday and took profits on the position on Thursday’s close.
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 has downticked from bullish to bearish. Repeating, THE INTERMEDIATE TERM MODEL IS NOW BEARISH.
The daily model is slightly bearish today, not enough to warrant the risk of going short. However, the NASDAQ model is very interesting, after the first 75 minutes of trading. I’ll therefore email you again between 10:45 and 11 a.m.
Thanks for the opportunity to be of service, and I’ll email you again in a few hours.
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