This is a 10:45 a.m. intraday update of Turov on Timing for Monday, June 1, 2009.
The market has begun the day with a rally, as expected, and it hasn’t looked back since the start. I don’t know how much of this buying is short covering (there were a LOT of bears looking for an end of May selloff) and how much is “legitimate” buying, but my data indicates that any action (long or short) is too risky. We will therefore stand aside for the balance of the day. The odds favor a retrenchment either later today or tomorrow, but I don’t want to jump the gun on anything until I can review tonight’s data.
Thanks for the opportunity to be of service, and I’ll email you again in about 14 hours.
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