This is Turov on Timing for Tuesday, June 30, 2009.
The Standard & Poor’s 500 Index (“SPX”) advanced 8.33 points yesterday to close at 927.23. TOT daily traders went 300% long at SPX 920.60 and have held the position overnight and into today.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 11150.79 cumulative SPX points, compared to a gain of 468.30 points in the index itself over the same period. That’s a ratio of 23.81 to 1.
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 in 2010, leading to a possible end to that decade long perspective at lower prices next year. But we’re certainly not at that point yet.
The Intermediate Term Model remains bearish, although I think we should see some improvement relatively soon.
Despite the last day of the month being normally a day of favorable seasonality, the daily model is bearish today. However, bearish forces probably won’t really take over until late morning or early afternoon. TOT daily traders come into today’s session 300% long from SPX 910.60. Because of the bearish reading, we’re going to use a very tight 1 point stop, basis yesterday’s 927.63 close – in other words, a stop at SPX 926.63. On the upside, in the unlikely event that the SPX rises to 933 before we are stopped out, take your profit at that level. If still long at 10:45 a.m., take your profit at that time.
I’ll have an intraday update between 10:45 and 11:00 a.m.
Thanks for the opportunity to be of service, and I’ll email you again in a few hours.
Turov on Timing is Copyright © 2009 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.