This is a 10:45 a.m. intraday update of Turov on Timing for Wednesday, May 7, 2008.
TOT daily traders went 400% long at SPX 1416.82 at 10:00. The SPX is currently about 1419.
Maintain the position and the SPX 1402.65 sell stop. If not stopped out, liquidate your long position on the close. Furthermore, go 200% short on the close, with the probability of increasing that short position in the morning. It is virtually a certainty that the daily model will be bearish 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.
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