This is Turov on Timing for Wednesday, June 9, 2010.
The Standard & Poor’s 500 Index (“SPX”) advanced 11.53 points yesterday to close at 1062.00. TOT daily traders went 200% long well below there at SPX 1045 and have carried the position overnight and into today.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 12013.19 cumulative SPX points, compared to a gain of 603.07 points in the index itself over the same period. That’s a ratio of 19.92 to 1.
The super long term perspective for the stock market remains bearish (as it has been since January 2000 after having been bullish from December 1974 until then) but the current cyclical bull market probably has further to go before topping out – although with each passing day I’m getting less sanguine about that!
The Intermediate Term Model remains bearish.
The daily model is bearish today. TOT daily traders come into today’s session 200% long from SPX 1045. Take your profit at SPX 1064 limit or at SPX 1060 stop, whichever comes first. If SPX 1060 is reached prior to 1064, then simultaneously go 200% short at SPX 1060 stop. Use no buy stop on the short position, if and when taken.
My NASDAQ model is bearish for the 10:45 to 4:00 time frame. Furthermore, if the NASDAQ 100 Index (NDX.X) is below 1795.70 at 10:45, then the model is EXTREMELY bearish for the balance of the session.
At 10:45, if the NDX.X is at or above 1795.70 TOT daily traders are advised to go 300% short at the market at that time. (If you’re already 200% short, go an additional 100% short to increase it to 300%; if you’re not already 200% short, then establish the entire 300% position at that time.)
At 10:45, if the NDX.X is below 1795.70 TOT daily traders are advised to go a maximally bearish 500% short at the market at that time. (If you’re already 200% short, go an additional 300% short to increase it to 500%; if you’re not already 200% short, then establish the entire 500% position at that time.
Beginning at 10:45, employ a protective buy stop 1.5% above the 10:45 price, the 10:45 price being the “opening” on a 10:46 one minute bar chart. That’s a wide spread because I really don’t want to get whipsawed. We’re taking a big, high risk position (high risk in terms of the wide stop) in search of a big profit. I think it’s worth it. However, if your emotional constitution is uncomfortable about my recommendation, then obviously, adjust its size to suit your own emotions. I, for one, allow myself no emotions while I’m in a position (and it took me only three decades of trading for me to learn how to do that)!
If still short at 3:50, I’ll have an intraday update by 3:55. If stopped out by 3:50, I will have very definitely allowed my emotions to take over (extantly being out of the position), and I won’t have a damn thing to say until the regular overnight message!
Thanks for the opportunity to be of service, and I’ll email you again as per the prior paragraph – or sooner if circumstances warrant.
Turov on Timing is Copyright © 2010 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.