This is Turov on Timing for Wednesday, June 17, 2009.
A very good day for the home team as the Standard & Poor’s 500 Index (“SPX”) declined 11.75 points yesterday to close at 911.97. TOT daily traders went 400% long on the opening at SPX 925.60 and took profits at SPX 927.06 at 10:45 a.m. Simultaneously, TOT daily traders went 400% short at the same price and covered the short profitably at SPX 917.06 . We are currently flat.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 11084.68 cumulative SPX points, compared to a gain of 453.04 points in the index itself over the same period. That’s a ratio of 24.47 to 1.
The super long term perspective for the stock market remains bearish (as it has been since January 2000). I expect that after a solid cyclical advance later this year, the bear market will resume in earnest in 2010, leading to a possible end to that decade long perspective at lower prices next year. But we’re certainly not at that point yet.
The Intermediate Term Model remains bearish, although I think we should see some improvement there by Independence Day.
The daily model is solidly bullish today. TOT daily traders are advised to go 400% long at the market. Once you go long, use a 14 point protective sell stop on the position.
Thanks for the opportunity to be of service, and I’ll email you again intraday, no later than 3:50.
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