This is a 10:50 a.m. intraday update of Turov on Timing for Thursday December 27, 2007.
Stocks opened broadly lower on a pair of weaker than expected economic reports and news that former Pakistan Prime Minister Benazir Bhutto was killed by a suicide bomber, coupled with a bearish Goldman Sachs advisory on Citigroup.
Considering the bevy of negative news, the market had been holding up pretty well until about 15 minutes ago when it started moving lower again.
TOT daily traders went 400% long at SPX 1495. The SPX is currently down about 7 points from there at about 1488. Use a protective sell stop on the position at SPX 1483.40. If not stopped out, carry the 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 Friday’s session – or sooner if circumstances warrant.
Turov on Timing is Copyright © 2007 by Turov Investment Group Inc. All rights reserved. Turov on Timing is for personal use only. All caveats and advisories that appear in the monthly Turov on Timing apply equally to this email. Re-publication and distribution is strictly prohibited. No part may be reproduced without the permission of the Turov Investment Group Inc.