The S&P 500 (SPX) declined 2.49 points yesterday to close at 1213.61. TOT daily traders came into the session 200% short, then covered the the position and went 300% long at SPX 1215, and then liquidated that positon on the close.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 8572.66 cumulative SPX points, compared to a gain of 754.68 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 made numerous attempts to get past SPX 1217, and when the last one failed, the sellers took the upper hand. The market is obviously having a difficult time making further headway. On the other hand, the bears have hardly been able to take control either. Consistant with that comment, the daily model is neutral today, indicating no partidular edge of either bulls or bears.
This past Thursday, I stated, “Although Turov on Timing deals only with the stock market, my bond model has just flashed a solid ‘buy signal’ and I think ‘long bonds’ is the best play for the short term.” That indeed has been the case, and the long bond had an excellent day yesterday. At the request of several readers, when I liquidate my long bond position for managed accounts, I will share that information with Turov on Timing subscribers.
Thanks for the opportunity to be of service, and I’ll email you again in 24 hours.
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