This is Turov on Timing for Friday, June 4, 2010.
The Standard & Poor’s 500 Index (“SPX”) advanced 4.45 points yesterday to close at 1102.83. TOT daily traders went 400% long at SPX 1073.01 on Wednesday and took profits at an average price of SPX 1099 yesterday.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 11983.54 cumulative SPX points, compared to a gain of 643.90 points in the index itself over the same period. That’s a ratio of 18.61 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.
The Intermediate Term Model has downticked from bullish to bearish. Repeating, the Intermediate Term Model is now bearish.
I expect to see extreme weakness in the early going today, followed by a strong recovery later in the session. TOT daily traders are advised to go 300% short at SPX 1099 stop or at SPX 1109 limit, or at the market at 9:45 a.m. whichever of those three events comes first. Once you go short, use a 1% protective buy stop on the position until 10:45 a.m. At 10:45 a.m., do a complete reversal (regardless whether the short has been stopped out or not) and go 300% long at the market at that time. Once you go long, use a 1% protective sell stop on the position.
Thanks for the opportunity to be of service, and I’ll email you again at 3:55 p.m. – or sooner if circumstances warrant.
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