This is Turov on Timing for Tuesday, September 29, 2009.
A very good day for the home team as the Standard & Poor’s 500 Index (“SPX”) advanced 18.6 points yesterday to close at 1062.98. TOT daily traders went 300% long at SPX 1046 and took profits at SPX 1060.04 at 10:45 a.m. Interestingly enough, as forecast, there was virtually no change in the market from 10:45 through the close, with the SPX advancing just a tad and the NASDAQ 100 declining just a tad.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 11093.32 cumulative SPX points, compared to a gain of 604.05 points in the index itself over the same period. That’s a ratio of 18.36 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 in 2010 or 2011. But we’re certainly not at that point yet.
The Intermediate Term Model has upticked from neutral to bullish. Repeating, the Intermediate Term Model is now bullish.
The ability of the market to overcome extreme weakness in overnight Asian markets was both expected and impressive. Further gains in the market are likely.
The daily model is bullish today, but the early going is likely to be a continuation of yesterday afternoon’s unimpressive performance. However, after some likely early sideways movement (in the absence of surprising news, as always, of course), the market should pick up steam and advance. TOT daily traders are advised to stand aside for the first 75 minutes of trading and then go 400% long at the first round number price above the 10:45 price level. So, for example, if the SPX at 10:45 is 1060.32, the recommendation would be to go 400% long at SPX 1061.00 stop. If and when you go long, use a 10 point protective sell stop on the position. If not stopped out, carry the position overnight and into tomorrow.
Thanks for the opportunity to be of service, and I’ll email you again in 24 hours.
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