This is a 10:45 a.m. intraday update of Turov on Timing for Thursday, May 8, 2008.
TOT daily traders are currently 200% short from SPX 1392.57. The SPX is currently about two points below that level. Lower your stop to a very tight 1392.57 breakeven. Despite the modest drop in the SPX, this morning’s action in NASDAQ is extremely bullish, and that should carry over into the SPX. If stopped out on your short, simultaneously go a maximally bullish 500% long at the same time. When you go long, use a 5 point scale down stop on each of the five units beginning at 1385. So, that would mean a stop on one unit at 1385 the second at 1380, the third at 1375, etc. Whatever your position on the close, carry it overnight and into tomorrow. However, I expect the risk component of the daily model to be very high tomorrow, and that will probably cause us to dramatically tighten our stops in the morning.
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.
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