First, my apologies for this very delayed email. I’m in the middle of the Rockies and had a devil of a time getting internet connected on my laptop.
The SPX declined 3.28 points Friday to close at 868.30. TOT daily traders were on the sidelines for the session.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 7494.80 cumulative SPX points compared to a gain of 409.37 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 neutral, and the short term model remains bullish – although not by much.
The directional component of the daily model is bearish today. The risk component is rather high. I would take only a small short position into strength. TOT daily traders are advised to go an unleveraged 100% short at SPX 874.20. If you go short, use a 10 point protective buy stop. If not stopped out, and if the SPX is closing down on the day, carry the position overnight and into tomorrow. If the SPX is closing up on the day (even if your position is profitable), then cover your short on the close and go overnight flat.
One final note: In the event that I have internet connection problems again tonight, and if the SPX is closing down today, please consider the preceding stop in force until the next email.
Thanks for the opportunity to be of service, and I’ll email you again 6 hours before the start of Tuesday’s session.
Turov on Timing is Copyright (c) 2003 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.