This is a 10:50 a.m. intraday update of Turov on Timing for Friday, May 9, 2008.
In my 9:42 message, I said, “It is quite possible that we have already seen the lows of the day,” and that seems to be the case. The NASDAQ 100 (where the risk component of its daily model was NOT excessively high, unlike that of the SPX model) is now in positive territory on the session.
At 9:42, I said I was “looking for an ideal re-entry point” but the internal strength of both the NASDAQ and SPX models was such that there has not been any retrenchment at all. We will stand aside for the balance of the day.
Enjoy the weekend, thanks for the opportunity to be of service, and I’ll email you again six hours before the start of Monday’s session.
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