This is Turov on Timing for Wednesday, September 13, 2006.
The SPX advanced a smart 13.57 points yesterday to close at 1313.11 as Goldman Sach’s earnings pumped up stock prices in the morning, and a very successful Treasury auction pumped them up more in the afternoon. TOT daily traders went 300% short at SPX 1298 on Thursday and were stopped out at SPX 1303, as the news became paramount.
Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 8936.68 cumulative SPX points, compared to a gain of 854.18 points in the index itself over the same period. That’s a ratio of 10.46 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.
The long term model remains neutral, and the short term model remains bearish.
The daily model is neutral today with significant conflicting component indicators. My intuitive sense is that we will move a bit higher before selling off, but that’s my intuition talking and not the model – and I only invest money based on the model. Stand aside for the nonce.
Thanks for the opportunity to be of service, and I’ll email you again in 24 hours – or sooner if circumstances warrant.
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