This is Turov on Timing for Wednesday, January 31, 2007.
The SPX advanced 8.20 points yesterday to close at 1428.82. TOT daily traders covered the short position we took on Friday with a modest profit early in the morning.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 8921.50 cumulative SPX points, compared to a gain of 969.89 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. I will discuss this “perspective” further in the February monthly issue of TOT.
The intermediate term model remains bearish.
In the absence of overnight news, the market is likely to open weakly, and then present a decent buying opportunity in mid-morning. If that appears to be the case mid-morning, I will have an intraday update. Otherwise, stand aside until the dust settles after the afternoon Fed meeting.
Thanks for the opportunity to be of service, and I’ll email you again in 24 hours – or quite likely, 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.