This is Turov on Timing for Monday, May 5, 2008.
The SPX advanced 4.56 points Friday to close at 1413.90. TOT daily traders went 400% long at SPX 1387 on Thursday and took profits Friday at SPX 1417.
Over the past 44 weeks, TOT daily traders have outperformed the SPX 29 times and underperformed 15 times. That’s a ratio of 1.93 to 1.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 10484.02 cumulative SPX points, compared to a gain of 954.97 points in the index itself over the same period. That’s a ratio of 10.98 to one.
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 intermediate term model remains bearish. However, I would not expect to see any substantial decline begin unless and until some surprising negative news surfaces. Until then, sideways is the most likely market direction.
I expect to see the market decline for the first hour to hour and a half today, and then advance from there. TOT daily traders are advised to go 300% long at the market at 10:45 a.m. After you go long, use a 1% sell stop on the position. If not stopped out, carry the position 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 © 2008 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.