This is Turov on Timing for Monday, January 11, 2010.
The Standard & Poor’s 500 Index (“SPX”) advanced 3.29 points Friday to close at 1144.98 After taking a cumulative 23.68 point profit on Thursday, TOT daily traders stayed on the sidelines Friday.
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 later this year, 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 bearish.
The Monday before options expiration has a bullish bias to it, and futures are up about ½ point overnight. However, I envision some profit taking after an expected gap opening, prior to a move to higher prices later in the day. Stand aside for now, and I’ll email you again between 10:45 and 11 a.m.
Thanks for the opportunity to be of service, and I’ll email you again in a few hours.
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