This is Turov on Timing for Friday, May 8, 2009.
A marvelous day for the home team as the Standard & Poor’s 500 Index (“SPX”) declined 12.14 points yesterday to close at 907.39. TOT daily traders went 400% short near the high of the day at SPX 927 and have carried the position overnight and into today.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 11056.60 cumulative SPX points, compared to a gain of 448.46 points in the index itself over the same period. That’s a ratio of 24.65 to 1.
The super long term perspective for the stock market remains bearish (as it has been since January 2000). I expect that after a solid cyclical advance later this year, the bear market will resume in earnest in 2010, leading to a possible end to that decade long perspective at lower prices next year. But we’re certainly not at that point yet.
The Intermediate Term Model remains bearish, although after an expected May decline, a resumption of the recent advance appears likely.
The daily model is neutral today, and the market will sway with the news. TOT daily traders come into today’s session 400% short from SPX 927. Lower your stop to a very tight SPX 908. If the SPX declines to 897, lower your stop to 902, and for each subsequent 5 point decline, lower your stop by an equivalent 5 points. If not stopped out prior to 3:50 p.m., I’ll have an intraday update at that time. Otherwise, the next update will be six hours before the start of Monday’s session.
Have a great weekend, thanks for the opportunity to be of service, and I’ll email you again as described in the previous paragraph – or sooner if circumstances warrant.
Turov on Timing is Copyright © 2009 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.