This is a 10:20 intraday update of Turov on Timing for Friday, May 6, 2011.
The jobs report came out much stronger than was generally expected, and the market responded with a 1%+ gap opening higher. After a bit of profit taking, that gain is holding.
The odds favor a modest decline from current levels into the close, but not by enough to warrant the risk of shorting. It seems like a good day to stand aside and see where the dust settles.
Have a great weekend, and to those fortunate enough to still have their mothers’ sharing this world with them, Happy Mothers Day.
Thanks for the opportunity to be of service, and I’ll email you again six hours before the start of Monday’s session.
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