This is Turov on Timing for Wednesday, November 29, 2006.
The SPX advanced 4.82 points yesterday to close at 1386.72. TOT daily traders were on the sidelines for the session.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 8867.84 cumulative SPX points, compared to a gain of 927.79 points in the index itself over the same period. That’s a ratio of 9.56 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.
Both the long and short term models remain neutral.
On yesterday’s hotline I said, “the market is just as likely to rebound after a day or two of uncertainty, as it is to decline further,” and after a tenuous morning, advance a tad is what it did.
The daily model is solidly neutral today, with no strong internal direction, and we will remain on the sidelines again.
I expect December to be quite a strong month, but before that strength can take hold, the market will first have to shake off Monday’s selloff, perhaps by testing the lows successfully but perhaps by simply biding its time for awhile.
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 © 2006 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.