This is a 10:50 a.m. intraday update of Turov on Timing for Monday, October 26, 2009.
On the overnight hotline, I said, “regardless what happens in the early going today, a rally this afternoon is about a 60% probability – good enough odds to trade.” However, this morning’s advance strikes me as “too much, too soon,” and I’m going to recommend standing aside. We may miss a few points here, but I don’t see the market moving much higher over the next several hours, and the rapid upside move this morning strikes me as suspect in its ability to continue at anywhere close to its early strength.
Thanks for the opportunity to be of service, and I’ll email you again in a about 15 hours.
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