This is Turov on Timing for Wednesday, November 3, 2010.
The SPX advanced 9.19 points yesterday to close at 1193.57 as the market gap opened higher and then closed pretty much where it began. 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 11952.03 cumulative SPX points, compared to a gain of 734.64 points in the index itself over the same period. That’s a ratio of 16.27 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). I am uncertain whether the previous 2010 high will be tested or not – in either event, prior to another nasty crash.
The Intermediate Term Model remains bullish.
Despite the risk of “sell on the news” of the market getting what it wanted in yesterday’s election, the Daily Model is bullish today, and we will go long. TOT daily traders are advised to go 300% long at SPX 1194.40 stop or SPX 1188.40 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 11:00 a.m. – or sooner if circumstances warrant.
Turov on Timing is Copyright © 2010 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.