This is a 10:40 intraday update of Turov on Timing for Wednesday, May 18, 2011.
TOT daily traders went 400% long at SPX 1328.54 on today’s opening. The SPX is currently about 1334. From this point on today, risk is as high as additional potential, and I see no edge in hanging on to the position. TOT daily traders are advised to take their profit at the market at 10:45 a.m. and move to the sidelines.
Thanks for the opportunity to be of service, and I’ll update again six hours before the start of tomorrow’s session – or sooner if circumstances warrant.
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