The SPX advanced 8.33 points yesterday to close at 1095.45. TOT daily traders covered our short soon after the opening and moved to the sidelines.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 8301.14 cumulative SPX points compared to a gain of 636.52 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 term and short term models remain bearish.
After yesterday’s expected bounceback, the daily model is once again bearish today. TOT daily traders are advised to go 300% short at SPX 1098.50 limit or at SPX 1093.40 stop, whichever comes first. If you go short, use a 10 point protective buy stop on your position. If not stopped out, carry your position overnight and into tomorrow.
Regardless of what the market does today, there is a 100% certainty that the directional component of the daily model will be bearish again tomorrow, although there is never any way of knowing ahead of time what the risk component will be.
I continue to believe, as I said Monday, “it is quite possible that the bear market of the first decade of the 21st century has entered its second down leg.”
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) 2004 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.