This is Turov on Timing for Friday, May 23, 2008.
The SPX advanced 3.64 points yesterday to close at 1394.35. TOT daily traders went 400% long at SPX 1391 and have held the position overnight and into today.
Over the past 46 weeks, TOT daily traders have outperformed the SPX 30 times and underperformed 16 times. That’s a ratio of 1.88 to 1.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 10463.25 cumulative SPX points, compared to a gain of 935.42 points in the index itself over the same period. That’s a ratio of 11.19 to one.
The super long term perspective for the stock market remains bearish (as it has been since January 2000), and it’s unlikely anything will change that for several more years.
The intermediate term model remains bearish. On Wednesday morning, I said, “I expect to see the SPX put up a gallant fight to stay above 1400, but when that level is breached to the downside, a waterfall decline is not out of the question.” We may have seen the beginning of that waterfall on Wednesday, but I don’t see it getting a steam on until after Memorial Day.
The daily model is bullish today. TOT daily traders come into today’s session 400% long from SPX 1391. Maintain your stop at that same 1391 level. If not stopped out, take your profit on the close and go into the holiday weekend flat.
Have a safe holiday, thanks for the opportunity to be of service, and I’ll email you again in 96 hours – or sooner if circumstances warrant.
Turov on Timing is Copyright © 2008 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.