This is Turov on Timing for Friday, October 30, 2009.
The Standard & Poor’s 500 Index (“SPX”) advanced 23.48 points yesterday to close at 1066.11. TOT daily traders went 300% long on the opening and took profits at SPX 1056.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 11175.88 cumulative SPX points, compared to a gain of 607.18 points in the index itself over the same period. That’s a ratio of 18.41 to 1.
The super long term perspective for the stock market remains bearish (as it has been since January 2000). I expect that the bear market will resume in earnest in mid to late 2010, leading to a possible end to that decade long perspective at lower prices in 2011 or 2012. But we’re certainly not at that point yet.
The Intermediate Term Model remains bullish but weakening.
Despite today’s being the normally seasonally-favorable last day of the month – and the last day of October has historically been one of the stronger “last day of the month” – the daily model is bearish today. However, most if not all of the damage should occur after 10:45 a.m. Therefore, at that time, go 300% short at the market. Once short, place a protective buy stop 12 point higher. If not stopped out, cover the short at the market on the close and go into the weekend flat.
And with that in mind, thanks for the opportunity to be of service, and I’ll email you again six hours before the start of Monday’s session.
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