This is Turov on Timing for Friday, November 12, 2010.
The SPX declined 5.17 points yesterday to close at 1213.54. TOT daily traders went 300% long on Wednesday at SPX 1208.10 and took a small loss on the position yesterday, selling at SPX 1207.30.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 11974.77 cumulative SPX points, compared to a gain of 754.61 points in the index itself over the same period. That’s a ratio of 15.87 to one.
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). When the current cyclical bull market ends, expect another nasty crash to perhaps finally bring an end to the long term bear market that began in 2000.
The Intermediate Term Model remains bullish.
I expect the market to be soft on the opening, rally solidly, and then sell off again, ultimately closing the day lower.
TOT daily traders are advised to go 300% long at the market at 9:33 a.m. That’s the “open” on a one minute 9:34 bar chart. Once you go long, use a tight 7 point protective sell stop. At 10:45 a.m., if still long, sell the position. Also at 10:45 a.m., go 300% short at the market. Once short, use a 1% buy stop on the position. If not stopped out, cover the short on the close and go into the weekend flat.
Have a great weekend, thanks for the opportunity to be of service, and I’ll email you again six hours before the start of Monday’s session – or sooner if circumstances warrant.
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