This is Turov on Timing for Tuesday, January 26, 2010.
The Standard & Poor’s 500 Index (“SPX”) advanced 5.02 points yesterday to close at 1096.78. After covering a 200% short position on the opening, TOT daily traders went 300% long in mid-morning and have held that position overnight and into today.
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 neutral.
The market has the potential to put in a big advance today. TOT daily traders come into today’s session 300% long. Raise that to a maximally bullish 500% long by going an additional 200% long at SPX 1098 stop. Use an SPX 1080 stop on the entire position. If not stopped out, I’ll update at about 3:50 with an overnight recommendation.
Thanks for the opportunity to be of service, and I’ll email you again in a few hours.
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