This is Turov on Timing for Friday, November 26, 2010.
As most subscribers already know, the market will close today at 1:00 Eastern time.
The SPX advanced 17.62 points Wednesday to close at 1198.35, almost exactly reversing Tuesday’s decline. To paraphrase Macbeth, so far this week has been a tale of sound and fury, signifying nothing.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 12053.95 cumulative SPX points, compared to a gain of 739.42 points in the index itself over the same period. That’s a ratio of 16.30 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 bearish.
An interesting comment from November 24’s Systems and Forecasts (www.systemsandforecasts.com): “If [Ireland] a country of just over six million people (about 2% of the population of the Eurozone) requires a $100 billion bailout, it staggers the mind to think what it will cost to bail out a country like Spain (population 40 million) if that were required.”
The daily model is dead neutral today, but that’s not because most of the internal indicators are neutral. Rather, there are quite a lot that are very bullish, and quite a lot that are very bearish, cancelling each out each other. That could lead to a volatile session if news erupts that is significant. Or in the absence of significant news, we could have a dull session. Under the circumstances, we will stand aside.
Enjoy the weekend, thanks for the opportunity to be of service, and I’ll email you again six hours before the start of Monday’s trading session.
Turov on Timing is Copyright © 2010 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.