This is a 10:40 a.m. intraday update of Turov on Timing for Wednesday, May 14, 2008.
The S&P futures did a dramatic turnaround at 8:30 this morning, reversing a 4 point decline in the futures into a 6 point advance in a matter of a minute or so. The catalyst, of course, were the “tame” CPI numbers. The market has continued to advance since then. And the 7:30 petroleum inventory data gave the market a bit of an additional boost.
On the overnight hotline, I said, “if we have a soft rally this morning, I’ll be looking to go short.” Well, with the SPX up a dozen points at about 1416, it’s a bit more than a “soft rally” but it isn’t a strong rally either. TOT daily traders are advised to go 300% short at SPX 1414 stop or at SPX 1419 limit, whichever comes first. If you go short, use a 1% protective buy stop on the position. If not stopped out, carry the 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 tomorrow’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.