This is a 10:50 a.m. intraday update of Turov on Timing for Friday, October 16, 2009.
A delightful morning for all Turov Investment Group Inc. clients. TOT daily traders went 300% short the SPX on the opening today. TIG managed accounts are either 100% in a money market fund (Programs A and VA-A which allow only long positions) or 100% in an Inverse Fund (Programs B, D and VA-B)and will remain there the balance of the day.
I said on the regular hotline, “The odds favor a weak early morning today despite the strong aftermarket showing from Big Blue and Google,” and that has been true in spades so far. Expect the weakness to continue throughout the day. TOT daily traders went 300% short at the SPX 1094.67 opening and have maintained that position. At this time, lower your stop to SPX 1101, although I don’t expect the market to come close to that level today. The odds favor further selling from now through the close, although most of the day’s weakness has probably already been seen.
Thanks for the opportunity to be of service, and I’ll email you again shortly before the close of trading today.
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