This is Turov on Timing for Wednesday, June 3, 2009.
The Standard & Poor’s 500 Index (“SPX”) advanced 1.87 point yesterday to close at 944.74. TOT daily traders went 300% short at SPX 945 and have held the position overnight and into today.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 11021.18 cumulative SPX points, compared to a gain of 485.81 points in the index itself over the same period. That’s a ratio of 22.69 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 after an expected interim decline, a resumption of the recent advance appears likely.
The market is most likely to sell off in the morning and then bounce back in the afternoon. The relative magnitude of the two opposing moves is not clear. TOT daily traders come into today’s session 300% short. Maintain the position and the stop at SPX 961. If the SPX declines to 935, lower the stop to SPX 945. Inasmuch as I do expect the market to move higher after anticipated morning weakness, I will update next at between 10:45 and 11:00 a.m.
Thanks for the opportunity to be of service, and I’ll email you again in a few hours.
Turov on Timing is Copyright © 2009 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.