This is Turov on Timing for Friday, November 5, 2010.
The SPX advanced 23.1 points yesterday to close at 1221.06. TOT daily traders went 300% long Wednesday at SPX 1194.40 and took profits at SPX 1216. We also went 300% short at SPX 1216 and took that relatively small loss on the close.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 12001.65 cumulative SPX points, compared to a gain of 762.13 points in the index itself over the same period. That’s a ratio of 15.75 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 have three opinions about the market today:
1. The daily model is modestly bullish.
2. My “instincts” say the market will decline.
3. The jobs numbers pre-opening are an unknown.
All told, a good day to stand aside.
Enjoy the weekend, thanks for the opportunity to be of service, and I’ll email you again at six hours before the start of Monday’s session – or sooner if circumstances warrant.
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