This is Turov on Timing for Thursday, November 30, 2006.
The SPX advanced 12.76 points yesterday to close at 1399.48. TOT daily traders were on the sidelines for the session.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 8867.84 cumulative SPX points, compared to a gain of 940.55 points in the index itself over the same period. That’s a ratio of 9.43 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.
Both the long and short term models remain neutral.
The market advanced smartly yesterday on just about as little substantive news as it declined on Monday. The big difference is that pre-Monday it looked like SPX 1400 was going to hold, and right now it looks like SPX 1400 is a cloud above. I would like to see some clear guidance as to whether the market can penetrate that cloud or not, but the daily model remains neutral, with no strong internal direction. We will remain on the sidelines awaiting a clearer picture.
One final comment: While we do not regularly report on the bond market, my bond model has moved into solidly bullish territory, and bonds may well provide a better return than stocks in the near term.
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 © 2006 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.