The SPX advanced 1.61 point yesterday to close at 967.08. TOT daily traders came into the session a maximally bearish 500% short and took profits at SPX 974.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 7801.46 cumulative SPX points compared to a gain of 508.16 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.
Both the long and short term models remain bearish.
The story of the day yesterday was the strength in Treasury bonds. Readers who took my unofficial advice that “a hedge of long T-bonds and short stocks should work out fairly well, based on current prices,” did well.
Daily traders did not do that well, as the market had a whipsaw rally to slightly above my recommended stop level, cutting by almost half the profit on our 500% short position. Frustrating, on one hand. Still, a very good trade, on the other hand.
The directional component of the daily model is bearish today, but I’ve been having a data problem in getting the downloads I need to calculate the risk component of the model. Without that correct data, no risk/opportunity analysis is possible, and therefore no final recommendation. I have a back-up data source, but the download will take several hours. So, I’m starting the process, hitting the hay, and when I awake, I’ll process the data, and update again no later than 9:00 a.m. Eastern time with specific advice. Thanks for your patience.
Thanks also for the opportunity to be of service, and I’ll email you again in a few hours.
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.