This is Turov on Timing for Monday, September 11, 2006.
The SPX advanced 4.90 points Friday to close at 1298.92. TOT daily traders went 300% short at SPX 1298 on Thursday and have held the position overnight and into today.
Over the past 28 weeks, TOT daily traders recommendations have been profitable 19 weeks and unprofitable 9 weeks. And over the past 26 weeks, TOT daily traders recommendations have outperformed the SPX 21 weeks and underperformed 7 weeks.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 8948.92 cumulative SPX points, compared to a gain of 839.99 points in the index itself over the same period. That’s a ratio of 10.65 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 long term model remains neutral, and the short term model remains bearish.
I find it rather amazing – and rather telling – that even though the SPX is a mere 2.1% below it’s multi-year high, and even though the market advanced solidly on Friday, there were only 47 stocks making new 52 week highs on the NYSE. If that’s not a sign of impending weakness, then I don’t know what is.
TOT daily traders come into today’s session 300% short. Maintain your protective buy stop on the position at SPX 1303. 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 © 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.