This is Turov on Timing for Tuesday, June 1, 2010.
The Standard & Poor’s 500 Index (“SPX”) declined 13.65 points Friday to close at 1089.41. TOT daily traders went 300% short at SPX 1101 and took profits on the close. We also went 200% long on the close and have carried that long position over the weekend and into today.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 11879.16 cumulative SPX points, compared to a gain of 630.48 points in the index itself over the same period. That’s a ratio of 18.84 to 1.
The super long term perspective for the stock market remains bearish (as it has been since January 2000 after having been bullish from December 1974 until then) but the current cyclical bull market probably has further to go before topping out.
The Intermediate Term Model remains bullish.
TOT daily traders come into today’s session 200% long. Use a protective sell stop at SPX 1078 on the position.
At 10:45, if the NASDAQ 100 Index is above 1852, and if the SPX is above 1089.41, raise your stop to 2 points below the 10:45 price. If both of those conditions are not met, then maintain the SPX 1078 stop for the balance of the session.
If still long on the close (and contrary to “conventional wisdom”), if the position is profitable, take the profit, but if the position is losing, carry it overnight and into Tuesday.
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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