The S&P 500 (SPX) declined 7.28 points yesterday to close at 1191.50. TOT daily traders went 300% long at SPX 1195.40 and have held the position overnight and into today.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 8548.16 cumulative SPX points, compared to a gain of 732.57 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 bearish.
The market opened weakly yesterday, then spent most of the session slowly and steadily moving up, but then collapsed in the last half hour. It’s hard to know exactly what caused the late selloff, but simple profit taking may be the most likely answer. Even with the selloff, the NYSE advance/decline ratio was positive on the day, and the NASDAQ advance/decline ratio was only slightly negative.
The daily model is quite bullish today. TOT daily traders come into today’s session 300% long. Go an additional 200% long at the market. Use a protective sell stop at SPX 1182.45 on the entire position. If not stopped out, carry your position overnight and into tomorrow.
I don’t expect a sustained upwards move here, but a short spike seems quite likely.
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) 2005 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.