For fellow history buffs, June 14 is a fascinating date. For info, go to
The SPX advanced 23.84 points yesterday to close at 1636.36. TOT daily traders went 200% long on Wednesday’s close at SPX 1612.52 and took profits at SPX 1622 yesterday. We also went 200% short on yesterday’s 1636.36 close and have held the position overnight and into today.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 13599.23 cumulative SPX points, compared to a gain of 1177.43 points in the index itself over the same period. That’s a ratio of 11.55 to one.
(The commentary in this paragraph last updated June 6) The super long term perspective for the stock market remains bearish (as it has been since January 2000 after having been bullish from December 1974 until then). Since February 12th, I’ve said that I expect the 2009-2013 cyclical bull market to end in “Spring 2013”. It is too soon to know whether the May 22nd intraday high of 1687.18 marks that end or not.
(The commentary in this paragraph last updated June 6) Intermediate Term Model comment: The “wave” of trading that brought the market to new highs is unlike any pattern that has appeared during the 21st Century. It was unlike the blowoffs in either 2000 or 2007 or, for that matter, like anything else. To quote Art Cashin on CNBC in May: “This is a very different kind of market than we’ve ever seen.” The selloff since the May 22nd intraday high of 1687.18 does not negate those comments, but it is possible that the high of this bull market has already been seen.
As I said yesterday would be the case, the daily model is bearish today. TOT daily traders come into today’s session 200% short. TOT daily traders are advised to go an additional 200% short on the first sign of weakness, i.e.; SPX 1636 stop. If the SPX advances to 1640 before reaching 1636, raise the entry sell stop to SPX 1638. And for each additional 2 point advance, raise the entry sell stop by an equivalent 2 points.
Thanks for the opportunity to be of service, and I’ll email you again sometime during Friday’s trading session.
Turov on Timing is Copyright © 2013 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. All recommendations are based on the Standard & Poor’s cash index (SPX) which cannot be directly traded and Turov Investment Group Inc. makes no recommendation or suggestion to readers as to how SPX-based recommendations should be traded but rather leaves that to the discretion of each individual reader. The “official” price of the opening and closing SPX is as reported at www.bigcharts.com and may not be consistent with futures or ETF prices. All stop recommendations are based on that “official” price. Any recommendation that is to take place at a specific time is basis the “opening” on a one minute bar chart beginning at that time and ending one minute later. All times mentioned are Eastern. Questions related to this service should be directed to InvestmentAdvice@aol.com.