This is Turov on Timing for Thursday, October 25, 2007.
The SPX declined 3.71 points yesterday to close at 1515.88. Nine of the ten most active NYSE issues declined, and the advance/decline ratios on both the NYSE and NASDAQ were almost 1:2. However, the market did put in a decent rally late in the session as the successful testing of the day’s previous low coincided with rumors of an inter-meeting Fed rate cut. TOT daily traders were on the sidelines for the session.
TOT daily traders have outperformed the SPX in 12 of the past 16 weeks, many of those by wide margins, but are somewhat behind the eight ball so far this week.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 10088.94 cumulative SPX points, compared to a gain of 1056.95 points in the index itself over the same period. That’s a ratio of 9.55 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. Although I don’t expect much more net selling this month, November could get nasty.
The daily model is somewhat split today. The early going looks ever so slightly higher, but with too much risk to warrant going long. However, once the morning develops a pattern, I may have a better handle on how to trade the balance of the session. Therefore, stand aside for the time being, and I’ll have an intraday update between 10:45 and 11:00 am.
Personal note: San Diego County officials have declared my area of San Diego safe to return. I will do just that immediately after transmitting to you the aforementioned 11:00 am update. I understand from a neighbor who just returned that the block is filthy with soot and ash. Furthermore, the just reversed winds from the west should bring all that ash-filled smoke over the Pacific Ocean back over land. Now just why did I leave New York? Ah yes, snow, sleet, hurricanes and winter weeks-at-a-time without sunshine. Guess just about anyplace has its shortcomings.
Thanks for the opportunity to be of service, and I’ll email you again between 10:45 and 11:00 a.m. Eastern time.
Turov on Timing is Copyright © 2007 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.