This is Turov on Timing for Tuesday, January 12, 2010.
The Standard & Poor’s 500 Index (“SPX”) advanced 2 points yesterday to close at 1146.98. TOT daily traders stayed on the sidelines and missed very little.
The super long term perspective for the stock market remains bearish (as it has been since January 2000). I expect that the bear market will resume in earnest later this year, leading to a possible end to that decade long perspective at lower prices in 2011 or 2012. But we’re certainly not at that point yet.
The Intermediate Term Model remains bearish.
Similarly, the daily model is bearish today. TOT daily traders are advised to go 300% short at SPX 1145 stop. If you go short, use a protective buy stop at SPX 1156. If not stopped out, carry the position 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.
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