This is Turov on Timing for Wednesday, January 3, 2007.
1. On Monday, I emailed the January monthly Turov on Timing. If you did not check your emails Monday, please do check for that email. If you can’t locate it and need a duplicate, please let me know.
2. For managed account clients: Rydex was four hours later than even their final advisory as to when they would have all year-end data on-line, and that has delayed the monthly reports. We will begin sending the monthly reports at 8:00 a.m. PACIFIC TIME today, and we should be finished by about noon PACIFIC TIME. You certainly should have the report by the time the market closes at 1:00 pm Pacific time.
3. And here’s today’s TOT message:
The SPX declined 6.43 points Friday to close at 1418.30. TOT daily traders went long shortly after the opening on Wednesday and liquidated at SPX 1422 on Friday.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 8827.50 cumulative SPX points, compared to a gain of 959.37 points in the index itself over the same period. That’s a ratio of 9.20 to one.
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. In February’s monthly TOT, I’ll answer a reader’s question as to why I still have this “super long term perspective”.
The intermediate term model remains bullish.
The daily model is bullish today. However, on Tuesday, foreign markets were strong, Wal-Mart earnings were solid, and therefore Globex-traded S&P and NASDAQ futures were up considerably. As I write this, S&P futures are up about 9 points from Friday’s close. Under the circumstances, issuing a cash-based buy recommendation based on Friday’s close would be disingenuous and inappropriate. So, even though the daily model is bullish, we will officially stand aside, as it is quite possible that all the day’s gains will occur within the first few minutes of today’s trading session as the cash index catches up with the futures.
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 © 2007 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.