This is a 10:30 intraday update of Turov on Timing for Monday, May 2, 2011.
While the demise of bin Ladin is a good thing for humanity, it really doesn’t do much for the stock market.
As I’ve written about before, the first day of the month is the most seasonally positive day of the month. However, my NASDAQ model is indicating that the day’s gain may be almost over, and for the period 10:45 through the close, the odds are about 55:45 that the NASDAQ 100 will decline. The SPX will probably do somewhat better than the NASDAQ during this time period, but I see no point in overstaying our welcome.
TOT daily traders are 400% long. Sell the position at the market at 10:45 and move to the sidelines for the balance of the session.
Thanks for the opportunity to be of service, and I will email you again in about 15 hours.
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