This is Turov on Timing for Wednesday, June 21, 2006.
The SPX declined a miniscule 0.02 point yesterday to close at 1240.12. TOT daily traders went 200% long at SPX 1241 and closed out the position on the close.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 8905.96 cumulative SPX points, compared to a gain of 781.19 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 has downticked from neutral to bearish, and the short term model has downticked from bullish all the way to bearish. Repeating, BOTH THE LONG AND SHORT TERM MODELS ARE NOW BEARISH.
The daily model is bearish today. TOT daily traders are advised to go 300% short at SPX 1238 stop or at SPX 1245 limit, whichever comes first. If you go short, use a tight 6 point protective buy stop on your position as upside risk is high if there is positive market news. If the position moves 6 points in your favor, lower your stop to a break-even. If not stopped out, carry your position overnight and into tomorrow.
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.