The SPX declined 7.42 points yesterday to close at 890.23. TOT daily traders were on the sidelines for the session.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 7193.06 cumulative SPX points compared to a gain of 431.30 points in the index itself over the same period.
The super long term perspective for the stock market remains bearish.
The long term model remains bullish, and the short term model remains neutral.
Yesterday, I said, “it will be a tug of war around the SPX 900 level,” and indeed it was as the market spent most of the session in a range a half dozen points above or below 900.
Today is likely to be a turnaround day, with the market showing weakness in the morning, looking for support in the early afternoon, and rallying in the late going – news notwithstanding, of course. We will start the day on the sidelines, but I’ll be looking for positive divergence on my intraday model on any selloff. If and when it occurs, I’ll issue a special intraday email with a long recommendation. Until then,
Thanks for the opportunity to be of service to you, and I’ll email you again in 24 hours – or sooner if the session plays out as expected.
Turov on Timing is Copyright (c) 2002 by Turov Investment Group Inc. All rights reserved. Turov on Timing is for personal use only. Re-publication and distribution is strictly prohibited. No part may be reproduced without the permission of the publisher.