The SPX declined 4.78 points yesterday to close at 1106.69. TOT daily traders were on the sidelines for the session.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 8292.65 cumulative SPX points compared to a gain of 647.76 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 term and short term models remain bearish. However, the short term model will probably turn bullish before the end of the month – but we’re not there yet, so don’t rush in.
Today is a high risk – high potential affair. The inability of the market to get a head of steam to the upside yesterday has rather negative connotations for today, but the risk of going short is somewhat higher than I would like. However, the likelihood of a net advance today and Monday COMBINED is quite small, and even if the market advances today, as long as we don’t get stopped out, the odds are high that by Monday night, we’ll be in the black.
TOT daily traders are advised to go 200% short at SPX 1105 stop. In addition, TOT daily traders are advised to go another 200% short at SPX 1109 limit OR SPX 1097 stop, whichever comes first. Use a 12 point stop on each position, calculated separately.
I’ll have an intraday update at 3:00 p.m. Eastern time.
Thanks for the opportunity to be of service, and I’ll email you again at 3:00 p.m. Eastern time – or sooner if circumstances warrant.
Turov on Timing is Copyright (c) 2004 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.