The SPX declined 11.62 points yesterday to close at 1084.08. TOT daily traders went 300% long at SPX 1084.75 and have held the position overnight and into today.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 8292.23 cumulative SPX points compared to a gain of 625.15 points in the index itself over the same period.
The super long term perspective for the stock market remains bearish, and it’s unlikely anything will change that for several years.
Both the long term and short term models remain bearish.
While the market didn’t sell off further after yesterday’s soft opening, it didn’t rally either. If you can ignore the gap down at the get-go, the rest of the day was extremely uneventful – not a bullish sign, but not a bearish one either.
The daily model is dead neutral today, with neither bulls nor bears in control. News will likely determine the day’s direction inasmuch as the market has little internal direction. TOT daily traders come into today’s session 300% long. Raise your stop dramatically to SPX 1081. If the SPX rallies to 1090, raise your stop to SPX 1085, and if it gets to 1098, liquidate there. If still long just prior to the close, liquidate on the close, as it is extremely unlikely that the daily model will be anything other than bearish tomorrow.
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 (c) 2004 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.