This is a 10:44 a.m. intraday update of Turov on Timing for Wednesday, June 24, 2009.
The Standard & Poor’s 500 Index (“SPX”) is having a solid rally into the FOMC report, and the NASDAQ is doing about twice as well. Big rallies prior to FOMC reports have historically had difficulty maintaining their momentum once the report has been issued.
Add to that the very high volatility that occurs around the time of the report’s release AND the unrelated fact that my NASDAQ model is as dead neutral for this afternoon as it can be, continuing to stand aside seems like very good proactive advice.
Thanks for the opportunity to be of service, and I’ll email you again in about 12 hours.
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