This is a 10:48 intraday update of Turov on Timing for Monday, March 5, 2012
TOT daily traders were advised to “go 200% long at SPX 1371 stop. If the SPX declines to 1366 before reaching 1371, lower your entry buy stop to SPX 1368. And for each additional 2 point decline, lower your entry stop by an equivalent 2 points.” By those parameters, we are still on the sidelines.
To say the least, with the SPX currently down to about 1361, the market has been unimpressive this morning. However, if it shows enough strength to enable us to go long, then providing that we can protect the long closely, it’s still worthwhile taking a position.
Maintain the previous recommendation BUT change the recommended stop if we do go long to 5 points below the entry level. Furthermore, if we have a 5 point profit from entry, take it. In other words, we’d be risking 5 points (times 2 units) to make 5 points – unimpressive on the face of it, but with about 6-4 odds of a profit if the criteria for going long is met, it’s worth the small position.
Finally, if you go long and are still long as we approach the close, hold onto the position if the SPX is down on the day, and sell the position if the SPX is up on the day. Please note that this “on the close” recommendation is unrelated to whether our (possible) position is profitable or not, but simply to whether the SPX is up or down at that time.
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.
Turov on Timing is Copyright © 2012 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. All recommendations are based on the Standard & Poor’s cash index (SPX) which cannot be directly traded and Turov Investment Group Inc. makes no recommendation or suggestion to readers as to how SPX-based recommendations should be traded but rather leaves that to the discretion of each individual reader. The “official” price of the opening and closing SPX is as reported at www.bigcharts.com and may not be consistent with futures or ETF prices. All stop recommendations are based on that “official” price. Any recommendation that is to take place at a specific time is basis the “opening” on a one minute bar chart beginning at that time and ending one minute later. All times mentioned are Eastern. Questions related to this service should be directed to InvestmentAdvice@aol.com.