An impressive recovery for the market, from the Google news, as the SPX advanced 2.38 points yesterday to close at 1282.46. Even more impressive was the .21% gain in the NASDAQ Composite Index. TOT daily traders went 400% long shortly after Friday’s opening and have carried that position since then and into today.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 8593.13 cumulative SPX points, compared to a gain of 823.53 points in the index itself over the same period.
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 bullish.
As was anticipated, the daily model remains bullish today. TOT daily traders come into today’s session 400% long. Maintain your position and your stop at SPX 1273. In the unlikely event that the SPX rallies to 1298, take your profit. If neither limit nor stop is reached, carry your position overnight and into tomorrow.
The market is probably forming a major top, but it still has a ways to go before rolling over, in my opinion.
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 (c) 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.