The SPX advanced 8.45 points yesterday to close at 931.87. TOT daily traders took a 5 point scalping loss on 2 units as the market continued moving higher rather than selling off from the upper 920’s.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 7558.12 cumulative SPX points compared to a gain of 472.94 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.
However, the long term model remains bullish. The short term model remains neutral.
The last time the SPX advance for BOTH of the two days prior to the Memorial Day holiday weekend was in 1987, 16 years ago. It’s not a seasonally favorable period for continued strength.
Unrelated to that, the directional component of the daily model is bearish today, but the high level of risk moves the overall model into a neutral reading. I’d like to go short, but I want to see the early morning action before recommending a specific position. I’ll email you again sometime tomorrow morning.
Thanks for the opportunity to be of service, and I’ll email you again in a few hours.
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