This is a 10:46 intraday update of Turov on Timing for Monday, May 9, 2011.
On the overnight message, I said, “The probability is that the market will be up in the morning and then move lower as the day progresses. So far, that’s been the story with the SPX seeing its high of the day at 10:15 at SPX 1343.12 (up about 3 from Friday’s close), and then selling off to just under 1340. Neither the advance nor the decline has been large. In the absence of news, a large move today is unlikely.
If I HAD to take a position (which I don’t), I’d rather be short than long, but I don’t see enough potential to warrant the risk. Officially, we’ll stand aside.
Thanks for the opportunity to be of service, and I’ll email you again in about 15 hours – or sooner if circumstances warrant.
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