A very good day, indeed, for the home team, as the SPX advanced 12.67 points yesterday to close at 1275.53. TOT daily traders went 400% long at SPX 1264 and then took our profits on the close at 1275.53
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 8586.41 cumulative SPX points, compared to a gain of 816.60 points in the index itself over the same period.
The super long term perspective for the stock market remains bearish (as it has been since January 2000), and it’s unlikely anything will change that for several years.
The long term model remains neutral, and the short term model remains bullish.
The directional component of the daily model is again bullish today, but unlike yesterday, the risk component is unacceptably high for taking any leveraged position. So officially, we will stand aside today, although I wouldn’t be uncomfortable holding unleveraged long positions
One last comment: My very vocal readership has been sending me emails at a ratio of 4.5 bearish versus each one bullish. I don’t know whether to take this as a contrary indicator OR (because of the very sophisticated nature of my readership) as a good prediction. In all probability, the answer is “neither” as the sample size is not large enough to be statistically significant. For the record, my intuition tells we are very near a major top. HOWEVER, my indicators say that we are not, and because of that, I’d be VERY reluctant to go prematurely short.
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) 2006 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 Turov Investment Group Inc.