A nasty day for the home team as the SPX advanced 17.64 points yesterday to close at 1113.05, stopping us out of our short position with a loss.
Since initiation of this service on September 30, 1993, our daily trader recommendations have gained 8291.63 cumulative SPX points compared to a gain of 654.12 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 – and yesterday’s sharp turnaround did nothing to alter either of those models.
The media says the reason for yesterday’s advance was the softness in oil prices, but I don’t buy that. The advance was largely technical as program trading was in full regalia. That doesn’t diminish its significance, but it does help focus.
The daily model is again bearish today. However, in the aftermath of yesterday’s rally, I’d prefer advising TOT daily traders to stand aside for awhile. If anything extraordinary occurs, I’ll have an intraday update.
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.