This is a 10:40 a.m. intraday update of Turov on Timing for Tuesday, February 5, 2008. This is in lieu of the scheduled 10:50 a.m. update
While the market has shown some improvement in the past 50 minutes, since my last update, it has not been impressive. The market will likely have tough sledding for the balance of the week, although it is by no means a certainty that it will decline. But a sustained advance has become much less likely.
TOT daily traders are currently 400% long. Raise your protective sell stop on the position to a very tight SPX 1353 stop. If the SPX rises to 1365, raise your stop to SPX 1358, and for each additional 5 point advance, raise your stop by an equivalent 5 points. If not stopped out, liquidate your position on the close and go overnight flat.
Thanks for the opportunity to be of service, and I’ll email you again six hours before the start of Wednesday’s session – or sooner if circumstances warrant.
Turov on Timing is Copyright © 2008 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.