This is Turov on Timing for Friday, October 28, 2011.
The SPX advanced 42.59 points yesterday to close at 1284.59. TOT daily traders were on the sidelines for most of the session, until we went 300% short at an average price of SPX 1283. We have carried the position overnight and into today.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 12562.62 cumulative SPX points, compared to a gain of 825.66 points in the index itself over the same period. That’s a ratio of 15.22 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 (and at present, it is quite possible that it has already ended, the major doubt factors being the upcoming presidential election, the European debt crisis, and the Congressional budget battles), 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 still haven’t seen a good answer: If the Euro-pact was such a great deal, why did gold rally $20 yesterday.
The daily model is bearish today. A modest pullback seems in order. TOT daily traders come into today’s session 300% short. Maintain your stop at SPX 1305.
Thanks for the opportunity to be of service, and I will update again sometime during today’s trading session, as deemed appropriate.
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