This is Turov on Timing for Wednesday, November 17, 2010.
The SPX declined 19.41 points yesterday to close at 1178.34. TOT daily traders went 300% long at SPX 1802 and were stopped out – barely – at SPX 1175. We are currently flat.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 11952.56 cumulative SPX points, compared to a gain of 719.41 points in the index itself over the same period. That’s a ratio of 16.61 to one.
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). When the current cyclical bull market ends, expect another nasty crash to perhaps finally bring an end to the long term bear market that began in 2000.
The Intermediate Term Model remains bullish.
The market got roiled yesterday (rolled might be a better word…) by fears about Ireland. Having numerous Irish friends (one even kept calling me Danny O’Reilly as a kid), I can assure you that Ireland will not go down without a fight!
The daily model is bullish today, and in the absence of somebody stealing the Blarney Stone, we should see the market advance. TOT daily traders are advised to go 300% long at SPX 1179 stop or at SPX 1174 limit, whichever comes first. Once long, use a 1% protective sell stop on the position.
Thanks for the opportunity to be of service, and I’ll email you again at 10:50 a.m. – or sooner if circumstances warrant.
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