The SPX advanced 15.15 points Friday to close at 897.65. TOT daily traders went 200% short at SPX 896 on Thursday and were stopped out at the same price on Friday with a breakeven.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 7193.06 cumulative SPX points compared to a gain of 438.72 points in the index itself over the same period.
The super long term perspective for the stock market remains bearish.
The long term model remains bullish, and the short term model remains neutral.
A very simple message today. The daily model is dead neutral today, it will be a tug of war around the SPX 900 level, and the market has no particular internal direction. Futures are indicating a 5 point pop on the opening, but a lot can happen between now and 10 hours from now when the daytime session starts. There are not a lot of reasons for the market to continue its spurt, and there are not a lot of reasons for it to sell off sharply. The most bullish thing that could happen is if the market gave back 3% or 4% in the next few sessions but without breadth deteriorating. That could set up a very nice platform for a rally. But that’s just wishful thinking; as I said, the model is neutral today, and we’ll stand aside.
Thanks for the opportunity to be of service to you, and I’ll email you again in 24 hours.
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