This is a 10:05 intraday update of Turov on Timing for Monday, August 22, 2011.
The rapid, apparent overthrow of the Gadhafi regime in Libya brought great excitement to European markets, and that ebullience has crossed the pond into US markets. Coupled with the anticipated spring-back effect after the recent decline, markets opened higher in the US and have maintained most, but not all, of those gains – so far.
The SPX is currently about 1137, up about 13 points on the session. TOT daily traders are advised to go 200% short at SPX 1135 stop or at SPX 1141 limit, whichever comes first. Once short, use a 1% protective buy stop on the position. If not stopped out, I’ll update again about 3:50 p.m.; otherwise at the regular time tonight.
Thanks for the opportunity to be of service, and I’ll email you again in a few hours.
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.