The SPX advanced 3.47 points Friday to close at 977.59. TOT daily traders went 300% short at SPX 979 and covered the short at SPX 977.49 on the close.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 7805.69 cumulative SPX points compared to a gain of 518.66 points in the index itself over the same period. (For the sticklers out there, that last figure includes a 0.01 adjustment from last Wednesday.)
The super long term perspective for the stock market remains bearish, and it’s unlikely anything will change that for several years.
Both the long and short term models remain bearish.
However, before the downtrend resumes, we will likely see a bit of a bounce as the daily model is bullish today. TOT daily traders should go 300% long at SPX 979 stop or at SPX 969 limit, whichever comes first. If you go long, use a 12 point protective sell stop. If not stopped out, carry your position overnight and into tomorrow.
The market had “opportunities” galore on Friday to break down, but it did not. That, in and of itself, is quite bullish for the VERY short term, and it’s part of the reason for the bullish daily reading today. Tomorrow however, the model cannot be bullish (it could be either neutral or bearish), regardless of what the market does today, and so we will either be closing out the position tomorrow or dramatically tightening the stop if we end up holding it overnight.
Thanks for the opportunity to be of service, and I’ll email you again in 24 hours – or sooner if circumstances warrant.
Turov on Timing is Copyright (c) 2003 by Turov Investment Group Inc. All rights reserved. Turov on Timing is for personal use only. All caveats and advisories that appear in the monthly Turov on Timing apply equally to this email. Re-publication and distribution is strictly prohibited. No part may be reproduced without the permission of the publisher.