This is Turov on Timing for Wednesday, June 24, 2009.
The Standard & Poor’s 500 Index (“SPX”) put in an anemic performance, advancing only 2.06 points yesterday after having declined 28.19 points on Monday. Yesterday’s close was 895.10. TOT daily traders were on the sidelines for the session.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 11106.04 cumulative SPX points, compared to a gain of 436.17 points in the index itself over the same period. That’s a ratio of 25.46 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 relatively soon.
It’s unclear how the market will trade in the early going, but if it is weak in the early going, then the odds strongly favor a further decline as the day progresses. Stand aside for now, and I’ll update again at 10:50 a.m.
Tanks for the opportunity to be of service, and I’ll email you again in a few hours.
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