Turov and the Trader’s Wire Market Opinion for Tuesday, October 31, 2017 – TheTradersWire

Turov and the Trader’s Wire Market Opinion for Tuesday, October 31, 2017

Turov and the Trader’s Wire Market Opinion for Tuesday, October 31, 2017

by Daniel Turov

The SPX declined 8.24 points yesterday to close at 2572.83 on the heels of negative news about the anticipated corporate tax cut.  TOT daily traders went 300% short at SPX 2578 and took a loss on the close.

Since initiation of the Turov on Timing service on September 30, 1993, our daily trader recommendations have gained 17481.39 cumulative SPX points, compared to a gain of 2113.90points in the index itself over the same period.  That’s a ratio of 8.27 to one.  (Please note that any day in which the daily trader recommendation fails to outperform the SPX by at least a ratio of +8.27 to one, since that’s the ratio of outperformance already achieved, that ratio will decline.)

(The commentary in this paragraph last updated August 1, 2017) The super long term perspective (a prediction, not a forecast!) for the stock market remains bearish (within the context of a medium term bull market).  I believe that, adjusted for REAL inflation (not the funny numbers the Social Security Administration uses) the stock market may be lower in real dollars in 2020 than it was in 2000, although higher in nominal dollars.  For a long time, I’ve been saying, “I also expect that our new 2016-elected President will have some very serious problems during his/her single term in office.”  That belief stands, and we see it happening already.

(The commentary in this paragraph last updated October 17, 2017) The Intermediate Term model remains neutral.  I expect the market to have a severe selloff sometime relatively soon – but not yet.  As described in the October monthly TOT, a non-economic catalyst will most likely be the driver behind such a reversal in the market, and the timing of such a catalyst is not possible at the present time.  The odds favor the market drifting higher UNTIL something bad and unexpected occurs.

I expect that drift higher to continue this morning, but for the market to move lower later in the day.  TOT daily traders are advised to go 200% short at SPX 2584 limit if the SPX rises to that level.  If so, we will risk 10 points (x200%) to make 10.  In other words, if you go short, cover the short at SPX 2574 limit or at SPX 2594 stop, whichever comes first.  If (still) short at 3:45 p.m. I’ll update then; otherwise at about 10:00 p.m.

Daniel Turov

In 1994, he was named “Supertrader of Wall Street” by the Stock Trader’s Almanac.

In 2001, he was named “Supertrader of the Millennium” by the Stock Trader’s Almanac.

He’s been a Securities and Exchange Commission Registered Investment Advisor and a member of the National Futures Association and is licensed by the State of California as a Life agent.

Since 1993, he’s authored Turov on Timing, a monthly and daily publication specializing in stock market timing. Turov Investment Group Inc. (as a corporation) and Daniel Turov (as an individual) are California licensed Registered Investment Advisers. Investors from all 50 U.S. states and most foreign nations are welcomed as clients.

Turov on Timing (TOT) is written by Daniel Turov. It is structured as a monthly newsletter plus a daily email service. Each day that I’m physically in the United States (on average, all but about ten business days a year), I email a daily message by midnight Pacific time to subscribers. I also send out special intraday messages when I deem them appropriate. On average, that’s a total of about 400 emails a year.

Each daily email reports on my Daily Model, Intermediate Term Model, and my Long Term Perspective. For a Track Record of the Daily Model recommendations, from September 1993 through February 2017, click here

The cost of the daily email service is only $397 per year (about $1 per email), and email subscribers receive, free of additional charge, the monthly newsletter. The cost of the monthly newsletter alone (i.e., without the daily message) is $95 per year if you want to receive it by email or $195 per year if you want to receive it by US Mail.

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