This is Turov on Timing for Friday, June 12, 2009.
The Standard & Poor’s 500 Index (“SPX”) advanced 5.74 points yesterday to close at 944.89. TOT daily traders were on the sidelines for the session.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 11038.84 cumulative SPX points, compared to a gain of 485.96 points in the index itself over the same period. That’s a ratio of 22.72 to 1.
The super long term perspective for the stock market remains bearish (as it has been since January 2000). I expect that after a solid cyclical advance later this year, the bear market will resume in earnest in 2010, leading to a possible end to that decade long perspective at lower prices next year. But we’re certainly not at that point yet.
The Intermediate Term Model remains bearish, although after an expected interim decline, a resumption of the recent advance appears likely.
The stock market ran into heavy resistance in the SPX 950 area, closing well below the high of the day. We should see some more softness in the early going today, but look for a mid day rally. TOT daily traders are advised to stand aside in the early going, but we WILL go long by mid-morning. I will have an intraday update between 10 and 11 a.m. Eastern time with a recommendation.
Thanks for the opportunity to be of service, and I’ll email you again in a few hours.
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