The SPX declined 3.67 points yesterday to close at 1111.47. TOT daily traders were on the sidelines for the session.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 8292.65 cumulative SPX points compared to a gain of 652.54 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 term and short term models remain bearish. However, the short term model is getting very close to turning bullish – but we’re not there yet, so don’t rush in.
The market was a news plus program affair yesterday as the Intel and retail sales news gave us a lower opening, the program traders came in and bought when the selling didn’t accelerate, and then they reversed and sold when the market couldn’t get past SPX 1120 resistance. However, the underpinnings are improving, and if the market can advance today, the odds are high that the model will be bullish tomorrow – despite options expiration day having more difficult parameters for a signal than other days.
But for today, the market is not yet giving clear enough signals to warrant risking capital, and hence, we will not. Stand aside again today – something we probably will not do tomorrow.
Thanks for the opportunity to be of service, and I’ll email you again in 24 hours – or sooner if circumstances permit.
Turov on Timing is Copyright (c) 2004 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.