This is Turov on Timing for Thursday, May 29, 2008.
A good day for both the market and us as the SPX advanced 5.49 points yesterday to close at 1390.84. TOT daily traders went 300% long at SPX 1384.45 and have held the position overnight and into today.
Over the past 47 weeks, TOT daily traders have outperformed the SPX 31 times and underperformed 16 times. That’s a ratio of 1.94 to 1.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 10469.02 cumulative SPX points, compared to a gain of 931.91 points in the index itself over the same period. That’s a ratio of 11.23 to one.
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 more years.
The intermediate term model remains bearish. Despite today’s being the penultimate day of May, normally a bullish time of the month, expect the bear to roar a bit today.
The daily model has confirmed what I expected to be the case, as reported to you in my 4:05 p.m. special report Wednesday – it’s bearish for today. TOT daily traders are advised to take profits on your long position AND go 400% short at the first sign of weakness. We’ll use SPX 1390 stop as our trigger point. If you go short, use a protective buy stop at SPX 1403. If not stopped out of your long position (i.e., the SPX has never ticked down to 1390), then take your profit on the close and go overnight flat. If you have gone short, and are not stopped out on your short position, then carry your short overnight and into Friday.
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 © 2008 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.