This is Turov on Timing for Wednesday, May 14, 2008.
The SPX declined 0.54 points yesterday to close at 1403.04. TOT daily traders went 300% long at 1389.40 on Monday and took profits yesterday at SPX 1402. We are currently flat.
Over the past 45 weeks, TOT daily traders have outperformed the SPX 29 times and underperformed 16 times. That’s a ratio of 1.81 to 1.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 10455.75 cumulative SPX points, compared to a gain of 944.11 points in the index itself over the same period. That’s a ratio of 11.07 to one.
The super long term perspective for the stock market remains bearish (as it has been since January 2000), and it’s unlikely anything will change that for several years.
The intermediate term model remains bearish. This latter part of this week will likely be painful for the bulls, especially if we have an early morning rally today (Wednesday) that fails later in the session.
Although Wednesdays have been the strongest day of the week over the past 15 years, and Wednesdays of expiration week have been particularly strong in recent years, I don’t expect much in the way of upside fireworks today. Indeed, if we have a soft rally this morning, I’ll be looking to go short. I’ll have an intraday update between 10:45 and 11:00 a.m. Stand aside until then.
Thanks for the opportunity to be of service, and I’ll email you again in a few hours.
Turov on Timing is Copyright © 2008 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.