This is a 10:50 intraday update of Turov on Timing for Tuesday, September 8, 2009.
TOT daily traders went 400% short at SPX 1019 limit earlier this morning. Futures traders did about 5 points better than that as the overnight advance held into the opening.
The SPX is currently about 1024.50. The high for the day is 1026.06. I would not like to see that high violated. Lower your stop to SPX 1027. On the downside, if the SPX declines to 1017, lower the stop to SPX 1022.
Thanks for the opportunity to be of service, and I’ll email you again between 3:45 and 3:55 p.m. with an advisory for the balance of the day IF we are still short. Otherwise, the next update will be six hours before the start of tomorrow’s trading session.
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