This is Turov on Timing for Tuesday, May 6, 2008.
The SPX declined 6.41 points yesterday to close at 1407.49. TOT daily traders went 300% long at SPX 1410.24 and have held the position overnight and into today.
Over the past 44 weeks, TOT daily traders have outperformed the SPX 29 times and underperformed 15 times. That’s a ratio of 1.93 to 1.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 10475.77 cumulative SPX points, compared to a gain of 948.56 points in the index itself over the same period. That’s a ratio of 11.04 to one.
The super long term perspective for the stock market remains bearish (as it has been since January 2000), and it’s unlikely anything will change that for several years.
The intermediate term model remains bearish. However, I would not expect to see any substantial decline begin unless and until some surprising negative news surfaces. Until then, sideways is the most likely market direction.
TOT daily traders come into today’s session 300% long. Maintain your sell stop at SPX 1396.13. If not stopped out prior to 10:45 a.m. AND if the SPX is down on the day at that time, take your loss and move to the sidelines. Otherwise, hold the position and maintain the stop. If still long on the close, carry the position overnight and into 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 © 2008 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.