This is a 10:55 a.m. intraday update of Turov on Timing for Friday, May 2, 2008.
TOT daily traders came into today’s session 400% long from SPX 1387 and took profits this morning at SPX 1417 – a cumulative gain of 120 SPX points in 24 hours.
My data and analysis indicate that the rally is probably over.
The SPX is currently about 1415. Stand aside for the time being. I had expected to be recommending going short, but the sharp decline that has already taken place from the highs today is giving me pause. There is the possibility of a short side recommendation later in the day, but not now.
Have a great weekend, thanks for the opportunity to be of service, and I’ll email you again six hours before the start of Monday’s session – or sooner if circumstances warrant.
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