This is Turov on Timing for Monday, August 1, 2011.
The SPX declined 8.39 points Friday to close at 1292.28. TOT daily traders were on the sidelines for the session.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 12469.08 cumulative SPX points, compared to a gain of 833.35 points in the index itself over the same period. That’s a ratio of 14.96 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.
The daily model is bullish today, and all Turov Investment Group Inc. managed accounts went 200% long either the SPX or the NASDAQ on Friday’s close. Futures are up sharply on the debt limit news from Washington. It will be a function of news whether the expected gap higher opening at 9:30 Eastern time will mark the high of the day or whether the market will move higher. In any event, it would be disingenuous to recommend that TOT daily traders take a long position on the opening since that opening will be so much higher than the effective opening price. So officially, TOT daily traders will be on the sidelines today.
If anything dramatic occurs that makes me want to change that stance, I’ll have an intraday update. Otherwise, the next update will be six hours before the start of Tuesday’s session.
Thanks for the opportunity to be of service.
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