This is Turov on Timing for Friday, June 18, 2010.
The Standard & Poor’s 500 Index (“SPX”) advanced 1.43 points yesterday to close at 1116.03. TOT daily traders went 200% long at SPX 1108.97 on Wednesday and took profits on the close yesterday.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 12054.98 cumulative SPX points, compared to a gain of 657.10 points in the index itself over the same period. That’s a ratio of 18.35 to 1.
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) but the current cyclical bull market probably has further to go before topping out, most likely in 2012, but not necessarily at significantly higher levels than at present.
The Intermediate Term Model remains bearish. I think the low for 2010 has already been reached, and after some profit taking today and in the coming week (after which time, the Intermediate Term Model is likely to give a buy signal) , the market is likely to move higher.
The daily model is bearish today. TOT daily traders are advised to go 300% short at SPX 1118 limit or at SPX 1115 stop, whichever comes first. Once you go short, use a 1% protective buy stop on the position. I’ll update again at 10:50.
Thanks for the opportunity to be of service, and I’ll email you again at 10:50 – or sooner if circumstances warrant.
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