This is a 10:50 a.m. intraday update of Turov on Timing for Friday, May 16, 2008.
TOT daily traders are currently 500% short at an average price of 1422.142. The SPX is currently about 1419. Employ a very tight protective buy stop at SPX 1423.75, as the market internals are improving on the modest decline we’ve seen so far. On the downside, if the SPX declines to 1412, take your profit.
I’ll have another intraday update between 3:45 and 3:55 p.m.
Thanks for the opportunity to be of service, and I’ll email you again in a few hours.
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