The SPX declined 2.40 points yesterday to close at 1148.17. After having taken a 21 point profit on 5 leveraged units Monday, TOT daily traders were on the sidelines yesterday.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 8385.96 cumulative SPX points compared to a gain of 689.24 points in the index itself over the same period.
The super long term perspective for the stock market remains bearish, and it’s unlikely anything will change that for several years.
Both the long and short term models remain bullish.
The daily model is dead neutral today. However, it is likely to be a very volatile session, although it’s difficult to know in which way it might go. If we were closer to options expiration and time premiums were negligible, it would be a perfect day to buy a staddle. Even so, a combination straddle with both put and call out of the money might make sense. But officially, with the neutral reading, will sit on our cash and await a clearer signal.
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) 2004 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 publisher.