This is Turov on Timing for Tuesday, February 19, 2008.
The SPX advanced 1.13 points Friday to close at 1349.99. TOT daily traders went 300% short at SPX 1363 Thursday and took profits at SPX 1347 on Friday. We are currently flat.
TOT daily traders have outperformed the SPX in 21 of the past 33 weeks.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 10045.23 cumulative SPX points, compared to a gain of 891.06 points in the index itself over the same period. That’s a ratio of 11.27 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. The market is responding to the news of the moment more than usual as it has very little internal direction of its own.
The S&P futures are up a full percentage point over Friday’s close on the Stalinization of Northern Rock by the British government. Not a pretty thought.
The daily model is neutral today. The world markets have taken their direction from the news on Monday, and the US market is likely to do the same today. Stand aside until the market can develop an internal direction of its own.
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 © 2008 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.