The SPX declined 21.25 points yesterday to close at 860.02. The SPX gave up a little more than half of Tuesday’s gain, while NASDAQ gave up more than 80% of Tuesday’s gain. 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 7163.21 cumulative SPX points compared to a gain of 401.09 points in the index itself over the same period.
The super long term perspective for the stock market remains bearish.
The long term model remains bullish, and the short term model remains neutral.
The daily model is slightly bearish today. If the market in the day session offers the opportunity to go short at SPX 878 (which is where the futures are currently trading), go an unleveraged 100% short there. Use a 20 point protective buy stop on the position, if taken. If not stopped out, carry your position overnight and into Friday.
With the market as volatile as it’s been, with every earnings report knocking the S&P for a 10 point move, and with options expiration tomorrow, please do not overtrade this recommendation. It is high risk and high potential, and it should not be overtraded.
Thanks for the opportunity to be of service to you, and I’ll email you again at an appropriate time sometime during today’s trading session.
Turov on Timing is Copyright (c) 2002 by Turov Investment Group Inc. All rights reserved. Turov on Timing is for personal use only. Re-publication and distribution is strictly prohibited. No part may be reproduced without the permission of the publisher.