This is a 10:25 intraday update of Turov on Timing for Monday, October 24, 2011.
The SPX is up about 10 points, as I write this, to about 1249. My intraday model shows negative divergence. That, combined with a daily model bearish reading (which I overrode as explained on the regular message for today), combined with the index’s proximity to 1250, makes me want to take a small short position.
TOT daily traders are advised to go 200% short at the market. We’ll use the 10:29 price as our “official” price. Once short, use a fairly tight protective stop at SPX 1257. If not stopped out, carry the position overnight and into tomorrow, unless I issue a contradictory message later today
Thanks for the opportunity to be of service, and I will update again in about 16 hours – 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.