The SPX declined 1.57 points yesterday to close at 892.01. TOT daily traders went 100% long at SPX 880.50 on Friday and have held the position since then and into today.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 7496.31 cumulative SPX points compared to a gain of 433.08 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 neutral, and the short term model remains ever so slightly bullish.
It was quite a mixed session yesterday with the Dow, SPX, NYSE Index, and NASDAQ all down fractionally, while the advance/decline ratio, the NYSE 10 most actives, and the Russell 2000 all were modestly positive. Volume was relatively light.
The daily model is bearish today. TOT daily traders come into today’s session 100% long. Raise your sell stop to SPX 890. If the SPX rises to 900, raise your stop to SPX 895, and for each additional 5 point advance, raise the stop by an equivalent 5 points. If the SPX gets to 918, take your profit.
Furthermore, if the SPX declines to 890, go 200% short there. Use a 5 point protective buy stop on half the position and a 10 point stop on the other half.
Whatever your position on the close, carry it overnight and into tomorrow.
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 (c) 2003 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.