This is Turov on Timing for Friday, November 3, 2006.
The www.DanielTurov.com web site has been completely updated. Please take a look.
The SPX declined 0.47 point yesterday to close at 1367.34. TOT daily traders went 300% short at SPX 1366 and have held the position overnight and into today.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 8897.14 cumulative SPX points, compared to a gain of 908.41 points in the index itself over the same period. That’s a ratio of 9.79 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 years.
The long term model remains neutral and the short term model remains bearish.
The jobs report will undoubtedly call the tune in the early going today. The news-neutral daily model is bearish. TOT daily traders come into today’s session 300% short. While I’m nervous about the impact the jobs report might have, maintain the position and your 1% stop at SPX 1379.66. If not stopped out, carry your position over the weekend and into Monday.
Have a great weekend, thanks for the opportunity to be of service, and I’ll email you again in 72 hours – or sooner if circumstances warrant.
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