This is Turov on Timing for Wednesday, August 24, 2011.
The SPX advanced 38.53 points yesterday to close at 1162.35. TOT daily traders went 200% short at SPX 1135 on Monday and were stopped out for a breakeven yesterday. We are currently flat.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 12564.18 cumulative SPX points, compared to a gain of 703.42 points in the index itself over the same period. That’s a ratio of 17.86 to one.
The super long term perspective for the stock market remains bearish (as it has been since January 2000 after having been bullish from December 1974 until then). When the current cyclical bull market ends (and at present, it is quite possible that it has already ended, the major doubt factor being the upcoming presidential election), expect another nasty crash to perhaps finally bring an end to the long term bear market that began in 2000.
The Intermediate Term Model remains bearish.
The daily model is also bearish today, but futures are already down sharply overnight and I don’t know if the market will decline more than the futures already imply that they will. Furthermore, I have an unusually busy schedule today which will keep me from following the market for most of the day session. We will officially stand aside, under the circumstances.
Thanks for the opportunity to be of service, and I’ll email you again in 24 hours. There will not be any intraday updates today.
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