This is a 10:51 a.m. intraday update of Turov on Timing for Monday, October 17, 2011. On the overnight hotline, I said, “I would expect to see it [the SPX] pull back to close to the 1200 level before any further attempt to breach that resistance.” With the steep decline this morning from SPX 1224 down to about 1208, we’re well on that way. Also on the overnight hotline, I said, “Futures are up overnight, but I don’t expect them to hold.” I had hoped to see that strength continue into the daytime session so that we could go short into strength, but comments from the German Finance Minister put the kibosh on that. At present, it is unclear whether the selling is over for the day or whether the push towards 1200 has another few points further to go. I’m disappointed we missed the “shorting into strength” opportunity I had hoped to see, but shorting right now seems too late – and buying is certainly too risky. Stand aside. Thanks for the opportunity to be of service, and I will update in about 15 hours. Turov on Timing is Copyright © 2011 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.