This is 10:05 intraday update of Turov on Timing for Tuesday, January 3, 2012.
On Friday’s late afternoon message, I said, “there is a good chance that we will see the market gap open higher Tuesday morning [and] TOT daily traders are advised to go 300% long on the close and carry that position over the weekend and into Tuesday.”
Well… (as Ronnie used to say) we have that gap this morning. The SPX is currently up over 25 points at about 1283, and the other major indices gap opened higher as well.
The odds are that we’ve seen the bulk of today’s gain. TOT daily traders are advised to use a very tight protective sell stop at SPX 1280. If the SPX advances to 1286 first, raise that stop to SPX 1282, and for each additional 2 point advance, raise the stop by an equivalent 2 points. If not stopped out, carry the position overnight and into tomorrow.
Thanks for the opportunity to be of service, and I will update again six hours before the start of tomorrow’s trading session – or sooner if circumstances warrant.
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.