This is a 10:45 intraday update of Turov on Timing for Friday, August 5, 2011.
The futures market surged immediately after the pre-opening jobs report and then followed through for about five minutes into the regular trading session. Then it plunged, recovered, plunged…
My NASDAQ model is bearish for the period “now through the close,” but I’m not going to follow it. (I’m not going to go against it either though.) There’s just too much news-related uncertainty, especially going into the weekend, and too much computerized trading to risk exposure by going short into a deeply oversold market.
Have a great weekend, thanks for the opportunity to be of service, and I’ll email you again six hours before the start of Monday’s trading session.
Turov on Timing is Copyright © 2011 by Turov Investment Group Inc. All rights reserved. Turov on Timing is for personal use only. All caveats and advisories that appear in the monthly Turov on Timing apply equally to this email. Re-publication and distribution is strictly prohibited. No part may be reproduced without the permission of the Turov Investment Group Inc.