Readers are advised that this report is published solely for information purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy any security. The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data. Any opinions expressed herein are statements of our judgment as of the date of publication and are subject to change without notice.

What is TAP?

Timing Analysis Projection (TAP) is a comprehensive stock market research periodical for professional money managers that has been providing concise portfolio strategies, detailed analysis, detailed analysis of current trends, and pattern forecasting since 1971.

  • TAP is forecasting and the timely announcement of stock market reversals, analyzing their significance, and then projecting the duration and magnitude of expected market trends.
  • TAP was first published October 15, 1971 by Phillip Covato to aid professional money managers with investment planning.

  • More than 25 major investment institutions throughout the United States subscribe to TAP.

Why is TAP unique?

  • TAP has been providing Annual Market Forecasts since 1975. Their more than 75% accuracy demonstrates TAP's ability to predict directional changes in major trends for each new year. (Copies of our Annual Market Forecasts will be provided upon request.)

  • The authors of TAP have been recognized by MTA (The Market Technicians Association) and SIRE (The Society for the Investigation of Recurring Events) for their continuing research and interpretations of the methods of the late George Lindsay.

What are TAP's goals?

TAP is devoted to:

  • improving market timing and asset allocation for money managers who always need to be invested on the "right side" of any general market trend.

  • satisfying the needs of long-term investors and short-term traders.

  • presenting brief strategies for those who prefer only "the bottom line" as well as thoroughly discussing methods to help those with a "show me how" curiosity.

  • encouraging managers to develop a greater appreciation and knowledge of technical analysis.

Is TAP comprehensive?

TAP's format provides:

  • Brief highlights

  • Concise portfolio strategies

  • Detailed analysis of current trends

  • Explanations of key methods

  • Descriptive tables and graphs

What kind of service is provided with TAP?

  • Frequent personalized telephone dialogue according to the needs of each client.  (Stock ideas and sector analysis are conveyed through conversation upon request only.)

  • Tapgram: At critical points in the market or when important changes occur to our indicators, messages are sent via E-mail, facsimile, telephone, or mail (usually three or more per month).

  • TAP report booklets (updated and distributed monthly).

  • Special Editions: Detailed reports which focus on specific methods or techniques (usually one per year).



Price BULL markets are commonly defined as ascending trends and BEAR markets as descending trends.  In TAP, these terms will always be referenced with emphasis on "PRICE"  (i.e., magnitude, breadth, direction or slope).
Time The authors of TAP frequently refer to BASIC ADVANCES and BASIC DECLINES.  Unlike Bull markets and Bear markets which are related to price, BASIC ADVANCES and BASIC DECLINES describe the length of "TIME" consumed by an overall ascending or descending trend.
Patterns Since price and time together create two dimensional images, it is possible to observe and identify "PATTERNS" (i.e., shapes and formations).  Consistently forecasting the probabilities of a repetitious pattern requires the professional eyes of an artist.  The late George Lindsay was one such master.  George discovered a multitude of recurring patterns as well as specific measurable time intervals, several of which are discussed in TAP.


  • PRIMARY TRENDS correspond with the main direction of the stock market and usually last six months to several years.
  • INTERMEDIATE-TERM TRENDS correspond with the significant directional reversals within primary trends and usually last several weeks to several months.  There are generally at least four intermediate-term trend reversals each year.
  • SHORT-TERM TRENDS correspond with the significant directional reversals within intermediate-term trends and may last from one or two days to several weeks.


If the Primary Trend Rating is POSITIVE,
then the managers should establish and maintain FULLY INVESTED equity portfolios.

  • Whenever our Intermediate-Term Trend Rating becomes POSITIVE, we will recommend buying stocks which display the greatest "Relative Strength" so that fully invested equity portfolios can be established.

  • Whenever our Intermediate-Term Trend Rating becomes NEGATIVE, we will recommend selectively selling stocks which display "Relative Weakness".

If the Primary Trend Rating is NEGATIVE,
then managers should establish and maintain MAXIMUM CASH LEVELS.

  • Whenever our Intermediate-Term Trend Rating becomes POSITIVE, we will recommend limited and selective buying of stocks which display the greatest "Relative Strength".

  • Whenever our Intermediate-Term Trend Rating becomes NEGATIVE, we will recommend immediately selling stocks which display "Relative Weakness" to establish maximum cash levels.