This is Turov on Timing for Monday, June 19, 2006.
The SPX declined 4.62 points Friday to close at 1251.54. TOT daily traders went 200% long at SPX 1225 on Wednesday and took profits at SPX 1250 Friday. We are currently flat.
Last week, TOT daily traders recommendations gained 33.00 cumulative points, compared to a 0.76 point loss in the SPX. It was the 14th week out of the past 16 weeks in which the TOT daily traders recommendations were profitable, and the 14th week of the past 16 in which the TOT daily traders recommendations outperformed the SPX.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 8907.92 cumulative SPX points, compared to a gain of 792.61 points in the index itself over the same period.
The super long term perspective for the stock market remains bearish (as it has been since January 2000), and it’s unlikely anything will change that for several years.
The long term model remains neutral, and the short term model remains bullish.
Generally speaking, despite the sharp rally late last week, most oscillator indicators are modestly oversold and therefore bullish, and most momentum indicators are still negative and therefore bearish. Most monetary indicators are neutral. Accordingly, the daily model is neutral today, and we will stand aside.
My intuitive feel is that we’ll move a little higher before heading lower. But the real story is that without either bulls or bears having a clear upper hand for the very short term, the market will probably simply respond to the news of the extant moment.
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) 2006 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.