This is Turov on Timing for Thursday, August 25, 2011.
The SPX advanced 15.25 points yesterday to close at 1177.60, after the market recovered from a ½% loss during the lunch hour. TOT daily traders were on the sidelines for the session.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 12564.18 cumulative SPX points, compared to a gain of 718.67 points in the index itself over the same period. That’s a ratio of 17.48 to one.
The super long term perspective for the stock market remains bearish (as it has been since January 2000 after having been bullish from December 1974 until then). When the current cyclical bull market ends (and at present, it is quite possible that it has already ended, the major doubt factor being the upcoming presidential election), expect another nasty crash to perhaps finally bring an end to the long term bear market that began in 2000.
The Intermediate Term Model remains bearish.
As I’m sure you’re aware, Steve Jobs resigned as CEO of Apple last evening, and the stock is down sharply overnight. NASDAQ futures are off about ¾%, but S&P futures are off just a tad. Candidly, I’m finishing off some advanced research tonight, and I don’t want to allocate the two to three hours or so necessary to calculate and check my various models for today, especially considering that the Jobs news will have more of an impact (or lack thereof) than anything else today. I’m standing aside, both for TOT and for managed accounts as I complete this research.
Thanks for the opportunity to be of service, and I’ll email you again in 24 hours. There will not be any intraday updates today.
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