This is an 10:40 a.m. intraday update of Turov on Timing for Friday, November 14, 2008.
TOT daily traders went 500% long on yesterday’s close at SPX 911.29. The market opened weakly this morning, very
much contrary to what the probability was, tried to rally, and failed. Disheartening, to be sure.
Although my emotions tell me we’re going to move higher, my NASDAQ model is bearish for the balance of the day. I
certainly don’t want to stay long with the NASDAQ model bearish, and so my emotions and my intellect have been
battling it out as to whether to follow the model and go short or to follow my emotions and move to the sidelines.
In a gut-wrenching debate, worthy of any wrestling match, my emotions were thrown out of the ring, and I have to go
with the model on the very first sign of weakness.
The SPX is currently about 883. TOT daily traders are advised to close out the long position and simultaneously go
300% short at SPX 880 stop. If you go short, use a tight 10 point protective stop on the position. Whatever your
position on the close, liquidate it and go into the weekend flat.
Have a great weekend, thanks for the opportunity to be of service, and I’ll email you again six hours before the
start of Monday’s trading session.
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