The SPX advanced 2.96 points yesterday to close at 1096.84. TOT daily traders were on the sidelines for the session. Despite the higher SPX close, both NYSE and NASDAQ advance/decline ratios were negative, and the rest of the market indices were quite mixed. Even though the market rallied smartly from its lows, the reversal was unimpressive.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 8312.65 cumulative SPX points compared to a gain of 637.91 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.
The long term model remains bearish, and the short term model remains ever so slightly bullish.
The daily model is solidly entrenched in neutrality today, both from the perspective of the directional component and from the perspective of the risk component. In other words, bullish and bearish forces are well balanced, AND risk is unacceptably high. All in all, a good day for weekend stretching.
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) 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.