This is Turov on Timing for Monday, June 28, 2010.
The SPX advanced 3.07 points Friday to close at 1076.76. TOT daily traders went 300% short at SPX 1074 and covered the position on the close. We are currently flat.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 12034.25 cumulative SPX points, compared to a gain of 617.83 points in the index itself over the same period. That’s a ratio of 19.48 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) but the current cyclical bull market probably has further to go before topping out, most likely in 2012, but not necessarily at significantly higher levels than at present.
The Intermediate Term Model remains bullish, but it is holding on to that reading by the narrowest of margins.
I expect the market to show some strength in the early going, but for that strength to dissipate as the day progresses. TOT daily traders are advised to go 300% short at the market at 10:45 a.m. Once you have gone short, use a 1% protective buy stop on the position. If still short at 3:50, I’ll have an intraday update by 3:55. Otherwise, the next report will be six hours before tomorrow’s start of trading.
Thanks for the opportunity to be of service, and I’ll email you again as per the prior paragraph – or sooner if circumstances warrant.
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