This is a 10:36 intraday update of Turov on Timing for Tuesday, June 30, 2009.
TOT daily traders went 300% long at SPX 920.60 yesterday and took profits this morning at SPX 926.63. The SPX is currently about 915.
On the overnight hotline, I said, “The daily model is bearish today. However, bearish forces probably won’t really take over until late morning or early afternoon.” Well, half right and half wrong as the selling began in earnest early, upon the release of the Consumer Confidence numbers. While the market could go into free fall, it’s equally possible that most of the selling is over for the day. I think the market will go lower, but I don’t think the risk is worth the gamble. Stand aside for the balance for the day.
Thanks for the opportunity to be of service, and I’ll email you again in about 15 hours.
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