This is a 10:50 a.m. intraday update of Turov on Timing for Friday, May 23, 2003.
I said on the regular message, “… the directional component of the daily model is bearish today, but the high level of risk moves the overall model into a neutral reading. I’d like to go short, but I want to see the early morning action before recommending a specific position. I’ll email you again sometime tomorrow morning.”
Well, “tomorrow morning” has arrived. There has been no divergence on my intraday model on either the slight selloff or the slight advance this morning, so I’m reluctant to recommend an “official” position. Yet, my intuition tells me that this market is going to sell off, and UNOFFICIALLY, I’d be comfortable going modestly short here. If you go short, use no more than a 5 point stop, and DO NOT carry the position into the weekend.
And on that note, have a great weekend, leave at least a moment to “Memorial”ize those who have made our freedom possible, thanks for the opportunity to be of service, and I’ll email you again at the regular time before Tuesday’s trading session.
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