This is Turov on Timing for Tuesday, May 3, 2011.
A good day for the home team as the SPX declined 2.39 points yesterday to close at 1361.22. TOT daily traders came into the session 200% long, went an additional 200% long at on the opening, and then took profits near the high of the day at SPX 1369.80. We are currently flat.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 12408.30 cumulative SPX points, compared to a gain of 902.29 points in the index itself over the same period. That’s a ratio of 13.75 to one.
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). When the current cyclical bull market ends, expect another nasty crash to perhaps finally bring an end to the long term bear market that began in 2000.
The Intermediate Term Model remains bullish.
Overnight futures are soft, and I hope that continues into the opening, as the daily model is bullish today. TOT daily traders are advised to go 300% long at SPX 1363 stop or at SPX 1356 limit, or at the market at 9:45 a.m., whichever of those three events occurs first. Once you are long, use a 1% protective sell stop on the position. On the upside, if you have a 1% profit, take it. If still long as we approach the close, sell then and go overnight flat again.
Thanks for the opportunity to be of service, and I’ll update in 24 hours – or sooner if circumstances warrant.
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