This is a 10:50 a.m. intraday update of Turov on Timing for Monday, May 12, 2008.
TOT daily traders went 300% long at SPX 1389.40 this morning. The SPX is currently at about 1394. Maintain the position and the 1379.40 sell stop. If the SPX advances to 1400, raise your stop to SPX 1390. And for each 1 point advance from there, raise your stop by 2 points (that’s not a typo). In the unlikely event that the SPX rallies to 1410, take your profit. If still long on the close, carry your position overnight and into tomorrow.
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.
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