Happy Hallmark Cards, Chocolate Inc., and Flower Industry Day.
The SPX advanced 8.29 points Friday to close at SPX 1205.30. TOT daily traders went 200% long at SPX 1198 and have held the position over the weekend and into today.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 8493.91cumulative SPX points compared to a gain of 746.37 points in the index itself over the same period.
The week just ended was our third consecutive winning week, and our fourth consecutive week of outperforming the SPX.
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 bullish.
On Friday, I said, “If the market can break resistance in the 1200-1205 area, we will likely increase the size of the position as the probability of a stronger bullish reading for Monday is high.” And indeed, that is the case today. TOT daily traders come into today’s session 200% long. Increase that to 400% long by going an additional 200% long at SPX 1206 stop or at SPX 1202 limit, whichever comes first. On the new position, if you go long, use a 10 point protective sell stop. On the carry-forward position, lower your stop a tad to SPX 1196 stop. Whatever your position on the close, carry it overnight and into tomorrow.
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) 2005 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 Turov Investment Group Inc.