This is Turov on Timing for Monday, October 8, 2007.
The SPX advanced 14.75 points Friday to close at 1557.59. TOT daily traders went 400% long shortly after the opening, another 100% long in mid-morning, and have held the position over the weekend and into today.
TOT daily traders outperformed the SPX in 11 of the past 14 weeks.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 9942.89 cumulative SPX points, compared to a gain of 1098.66 points in the index itself over the same period. That’s a ratio of 9.05 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 bullish.
I expect a mixed performance from the market today with some modest softness at the get-go, followed by a modest rally, and then followed by some profit taking later in the day. TOT daily traders come into today’s session 500% long. Start to sell into weakness. Use a 1 point scale down stop beginning at SPX 1555. So that’s one unit at 1555 and one unit each at 1554, 1553, 1552, and 1551. Alternative, sell any open positions at SPX 1564 if the market advances that high. Finally, if the SPX is below 1557 at 10:45 a.m., sell any remaining open positions at the market at that time. I’ll have an intraday update at 11:00 a.m.
Thanks for the opportunity to be of service, and I’ll email you again in a few hours.
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