This is a 10:35 intraday update of Turov on Timing for Wednesday, April 20, 2011.
As expected, the market gap-opened strongly higher this morning. TOT daily traders went 300% short at SPX 1328.77.
As was not expected, the market has, so far, retained its early strength. The SPX is currently about 1331 after hitting a high of 1332.66.
Lower your stop to SPX 1334. If the SPX declines to 1325 first, lower your stop to SPX 1330, and for each subsequent 5 point decline, if it occurs, lower your stop an equivalent 5 points. If not stopped out, carry your position overnight and into tomorrow.
Thanks for the opportunity to be of service, and I’ll email you again six hours before the start of Thursday’s 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.