The SPX advanced 0.59 point yesterday to close at 1095.42. 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 8330.31 cumulative SPX points compared to a gain of 636.49 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.
The long term model remains bearish, and the short term model remains ever so slightly bullish.
The daily model did its job well yesterday when it declared itself “neutral… reflecting both high uncertainty and high risk.” The market closed virtually unchanged, yet intraday volatility was very high. The bulls got stopped out in the morning, and the bears got stopped out in the afternoon. Only chickens like us survived the slaughterhouse.
The daily model is again neutral today as the bulls and bears fight it out over SPX 1100 on the upside and DJII 10,000 on the downside. The market has no strong internal direction of its own. Trying to trade in such an environment is as pointless as trying to break up a gang war in South LA with your bare hands. Watch the fight from the sidelines, and place your bets after a probable winner is apparent.
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) 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.