This is Turov on Timing for Thursday, May 8, 2008.
The SPX declined 25.69 points yesterday to close at 1392.57. TOT daily traders went 400% long at SPX 1416.82, and we were stopped out at SPX 1402.65. So far this week, we have given back about half of last week’s profits.
Over the past 44 weeks, TOT daily traders have outperformed the SPX 29 times and underperformed 15 times. That’s a ratio of 1.93 to 1.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 10405.80 cumulative SPX points, compared to a gain of 933.64 points in the index itself over the same period. That’s a ratio of 11.15 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 years.
The intermediate term model remains bearish. The market rally’s momentum broke sharply on Wednesday, and the decline is likely to continue for some time to come.
On yesterday’s hotline I said, “Expect to see a serious slide begin tomorrow, Thursday,” but unfortunately, it began a day early.
In addition to our long-side trade, TOT daily traders also went 200% short on the close yesterday. Maintain the position without a stop for the time being. I will have an intraday update at 10:10 a.m., forty minutes after the start of trading.
Thanks for the opportunity to be of service, and I’ll email you again in a few 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.