The SPX advanced 3 points yesterday to close at 917.84. TOT daily traders came into the session 200% long and went another 300% long at SPX 915.55. We have held the position overnight and into today.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 7486.85 cumulative SPX points compared to a gain of 458.91 points in the index itself over the same period.
The super long term perspective for the stock market remains bearish. We remain in a major primary bear market. However:
Both the long and short term models remain bullish.
The daily model is very bullish today. TOT daily traders come into today’s session 500% long. Maintain your protective sell stop on the position at SPX 896. This is a big position, with a wide stop, and I’m looking for a big gain. The potential exists for a rally up to as high as SPX 960, and for it to occur by the end of the week. Of course, we’ll need a positive news catalyst and an absence of any substantive negative news for that to occur, but the pieces are in place for the market to shoot through the 920ish resistance, and for the shorts to run for cover. It almost happened yesterday, and I expect it will happen either today or 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) 2003 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.