The SPX declined 2.03 points yesterday to close at 1000.30. TOT daily traders came into the session 200% short and have held the position overnight and into today.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 7889.79 cumulative SPX points compared to a gain of 541.37 points in the index itself over the same period.
The super long term perspective for the stock market remains bearish, and it’s unlikely anything will change that for several years.
Summarizing and updating what I said in the August monthly issue of Turov on Timing, this afternoon my wife and I will be heading for South Africa and Zambia, and we’ll return on September 4. During that time, there will be no daily emails. This will be the last email until September 5. The September monthly issue of Turov on Timing will be published, but it will be one week later than the normal first Monday of the month date.
Both the long and short term models remain bearish, although only by the narrowest of margins. As a proxy, we will use an SPX CLOSE at or above 1016 as a stop point for both models. That’s only about 1-1/2% above current levels. If the SPX CLOSES at or above 1016, consider both of these models to be deemed neutral.
The daily model is slightly bullish today. TOT daily traders come into the session 200% short. Cover your short at the market, and move to the sidelines. And considering my travel circumstances, we’ll stay there until I return.
Thanks for the opportunity to be of service, and I’ll email you again the morning of September 5. May you all enjoy the next two weeks as much as I expect to!
Turov on Timing is Copyright (c) 2003 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 publisher.