This is a 10:30 intraday update of Turov on Timing for Wednesday, October 12, 2011.
The morning’s strong advance in Apple (AAPL) looks very suspect to me, and it is behind the strength in the NASDAQ 100 Index. Furthermore, my NASDAQ model is bearish for the 10:45 through the close period. And if the NDX weakens, it’s hard not to imagine the SPX weakening.
TOT daily traders are currently 300% long. The SPX is about 1211 presently. Raise your stop to a very tight SPX 1209. If 1213 is reached prior to 1209, raise your stop to SPX 1211. And for each additional 2 point advance, raise your stop by an equivalent 2 points. In the unlikely event that we are not stopped out prior to the close, take your profit on the close and go overnight flat. PRELIMINARILY, and in the absence of unknown news, I expect the daily model to be bearish tomorrow.
Thanks for the opportunity to be of service, and I will update again in about 15 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.