This is Turov on Timing for Wednesday, October 28, 2009.
A strange session as the Standard & Poor’s 500 Index (“SPX”) declined 3.54 points yesterday to close at 1063.41. However, the Dow Industrials were up modestly but the NASDAQ 100 was down sharply, with a 5:1 ratio of declining to advancing stocks among the NASDAQ 100. 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 11170.75 cumulative SPX points, compared to a gain of 604.48 points in the index itself over the same period. That’s a ratio of 18.48 to 1.
The super long term perspective for the stock market remains bearish (as it has been since January 2000). I expect that the bear market will resume in earnest in 2010, leading to a possible end to that decade long perspective at lower prices in 2010 or 2011. But we’re certainly not at that point yet.
The Intermediate Term Model remains bullish but weakening.
While I believe this current selling spree is not done, and my best guess is that support won’t come in until about SPX 1020, the market is likely to have a one day rally today. TOT daily traders are advised to go 300% long at SPX 1065 stop. If the SPX declines to 1062 before reaching 1065, lower your entry buy stop to SPX 1064, and for each additional 1 point decline, lower your entry buy stop by an equivalent 1 point. If and when you go long, use a 1% sell stop on the position. If still long at 3:50, I’ll update by 3:55. Otherwise, the next update will be in 24 hours.
Thanks for the opportunity to be of service, and I’ll email you again in as per the previous paragraph.
Turov on Timing is Copyright © 2009 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.