This is Turov on Timing for Wednesday, October 5, 2011.
I had not planned to send out an overnight report, but the data is surprising and merits comment.
The SPX advanced 24.72 points yesterday to close at 1123.95. TOT daily traders went 400% long near the low of the session at SPX 1080 and have held the position overnight and into today.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 12581.14 cumulative SPX points, compared to a gain of 665.02 points in the index itself over the same period. That’s a ratio of 18.92 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 (and at present, it is quite possible that it has already ended, the major doubt factors being the upcoming presidential election, the European debt crisis, and the Congressional budget battles), 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.
I had expected the daily model to be bullish today, but the huge rally in the last half hour changed everything. The daily model is neutral today, and leaning more to the negative than to the positive side. TOT daily traders come into today’s session 400% long. Take your profit at the first sign of weakness, using SPX 1122 as a stop level.
Thanks for the opportunity to be of service, and I will update again between 10:45 and 11:00 a.m.
Turov on Timing is Copyright © 2011 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. All recommendations are based on the Standard & Poor’s cash index (SPX) which cannot be directly traded and Turov Investment Group Inc. makes no recommendation or suggestion to readers as to how SPX-based recommendations should be traded but rather leaves that to the discretion of each individual reader. The “official” price of the opening and closing SPX is as reported at www.bigcharts.com and may not be consistent with futures or ETF prices. All stop recommendations are based on that “official” price. Any recommendation that is to take place at a specific time is basis the “opening” on a one minute bar chart beginning at that time and ending one minute later. All times mentioned are Eastern. Questions related to this service should be directed to InvestmentAdvice@aol.com.