This is a 10:48 a.m. intraday update of Turov on Timing for Thursday, October 11, 2007.
The market gap-opened this morning on a bevy of favorable economic news. Since then, it has moved essentially sideways. The SPX is currently about 1572. The odds are that this overbought market will get a tad more overbought as today wears on. TOT daily traders are advised to go 300% long at SPX 1573 stop. I am not going to recommend a stop on the position, but obviously, traders may choose a cash management stop of their own. TOT will liquidate the position on the close and go overnight flat.
Thanks for the opportunity to be of service, and I’ll email you again in six hours before the start of tomorrow’s session – or sooner if circumstances warrant.
Turov on Timing is Copyright © 2007 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.