This is Turov on Timing for Thursday, September 21, 2006.
The SPX advanced 6.87 points yesterday to close at 1325.18. 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 8936.68 cumulative SPX points, compared to a gain of 866.25 points in the index itself over the same period. That’s a ratio of 10.32 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 long term model remains neutral, and the short term model remains bearish.
The market gap-opened higher yesterday on the Oracle and oil news and then closed just about unchanged from the opening. In other words, the market was up on the overnight news, and then was neutral for the balance of the day.
The daily model is modestly bearish today. TOT daily traders are advised to go 200% short at SPX 1333 limit or at SPX 1324 stop, whichever comes first. If you go short, use a 1% protective buy stop (i.e. either 13.33 points or 13.24 points) on your position. If not stopped out, carry your position overnight and into tomorrow.
I expect the market to make its way down to the 1300-teens by the early part of next week, if not sooner. This morning’s anticipated higher opening may be its last gasp for the month.
PUBLICATION NOTICE: I WILL BE IN TRAVELING ALL THIS WEEK, AND ANY GIVEN DAY’S MESSAGE MAY BE DELAYED. I DON’T EXPECT THAT IT WILL BE, BUT IT “MAY”. IN THE VERY UNLIKELY EVENT THAT I AM UNABLE TO TRANSMIT A MESSAGE PRIOR TO THE OPENING ON ANY DAY, MAINTAIN ANY POSITION AND STOP UNTIL THE SUBSEQUENT ADVISORY TO THE CONTRARY.
Thanks for the opportunity to be of service, and I expect to email you again well before the opening of tomorrow’s trading session (and sorry for the delay in today’s transmission).
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.