In the best day for the home team since September 22 of last year, the S&P 500 (SPX) advanced 10.72 points yesterday to close at 1202.22. TOT daily traders came into the session 300% long, went an additional 200% long at SPX 1191.07, and have held the position overnight and into today. The day’s gain was more than sufficient to erase all of last week’s loss, which was the worst we’d had this year.
For the benefit of managed account clients who don’t watch their performance intra-month, Program A accounts reached an all time high last night, and Program B accounts are less than a single percentage point below their all time high.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 8602.62 cumulative SPX points, compared to a gain of 743.29 points in the index itself over the same period.
At plus 8602.62 cumulative SPX points, TOT daily traders are also less than one percentage point below the record 8659.70 points reached on April 28, 2005.
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 daily model is again bullish today. TOT daily traders come into today’s session a maximally bullish 500% long. Raise your protective sell stop to SPX 1191 on the entire position. On the upside, if the SPX gets to 1213.80, take your profit. If not stopped out and if the limit is not reached, carry your position overnight and into tomorrow. HOWEVER, please note that the risk component of the daily model is likely to be extremely high tomorrow, which would flip the overall model into “neutral.” Were that expected event to occur, we would either close the position or dramatically tighten the stop.
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) 2005 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.