The SPX declined 13.64 points yesterday to close at 882.50. TOT daily traders reestablished the 200% short position that we had covered at SPX 881 on Wednesday 15 points higher at SPX 896 and have held that position overnight and into today.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 7220.06 cumulative SPX points compared to a gain of 423.57 points in the index itself over the same period.
The super long term perspective for the stock market remains bearish.
The long term model remains bullish, and the short term model remains neutral.
There’s a lot of economic news due out today, and it’s never possible to know ahead of time how that might play out. In the absence of any surprises from those releases, the path of least resistance is downward. The ideal scenario would be for the market to head down to about SPX 840 by the middle of next week and stabilize there. That could well provide the springboard for a major advance by the end of next week or early the following week.
The daily model is bearish today. Maintain your short and the stop at a breakeven level of 896. If not stopped out, carry the position over the weekend and into Monday.
Thanks for the opportunity to be of service to you, and I’ll email you again in 97 hours – counting the return to standard savings time.
Turov on Timing is Copyright (c) 2002 by Turov Investment Group Inc. All rights reserved. Turov on Timing is for personal use only. Re-publication and distribution is strictly prohibited. No part may be reproduced without the permission of the publisher.