A couple of housekeeping items first. One subscriber called me from Boston yesterday, and my machine didn’t pick up your phone number. I’ll therefore answer your questions at the end of today’s message. Second, to all subscribers: Please use the 800 number only to discuss managed account business. It is a voice mail number, and if you leave your phone number, I will return your call. Since I find it easier to return calls in the evening, if possible, please leave your home phone number as well. Indeed, there are a number of calls I have not returned yet, simply because there aren’t enough hours in the daytime, so be patient or call me back with your home phone. And finally, please do not use the 800 number for questions about the Turov on Timing monthly service or the hotline. Those questions should be emailed to firstname.lastname@example.org, where I endeavor to answer all questions daily. Thank you.
The SPX advanced 64.29 points yesterday to close at 1347.56. TOT daily traders went 300% long on the opening and have held the position overnight and into today.
The bond model remains neutral, and the gold model remains bullish.
The super long term perspective for the stock market remains bearish.
However, both the long-term model (a six month perspective) and short term model (a one month perspective) remain bullish.
The sharp advance yesterday catapulted the market into a very short term overbought condition. At a minimum, the market needs to consolidate for a few days. At a maximum, the bear market rally may be over in one quick day, and the downtrend will resume. Which scenario plays out is unclear right now. However, the daily model is bearish today. TOT daily traders come into today’s session 300% long. Liquidate the long position and reverse it to 300% short at the market. Use a 15 point protective buy stop on the new short position. If the SPX declines to 1340, lower the stop to 1350, and for each additional 10 point decline, lower the stop by 10 points. If not stopped out, carry your position overnight and into tomorrow.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 6193.11 cumulative SPX points, compared to a gain of 888.63 points in the index itself over the same period.
And finally, to the Boston caller, percent size of the position is explained in detail on page 3 of the latest issue of Turov on Timing. And regarding short selling, I’ve issued more short sale recommendations in year 2000 than buy recommendations. I’m equally comfortable on either side of the market.
Thanks for calling, and I’ll speak with you again in 24 hours.