This is a 10:55 a.m. intraday update of Turov on Timing for Thursday, September 10, 2009.
TOT daily traders went 300% short on yesterday’s close and have held the position overnight and into today. The SPX has been waffling most of this morning between a fractional gain and a fractional loss and is currently near its high of the session, up almost 3 points.
The lack of weakness in today’s early going is not encouraging. Nevertheless, the odds still favor weakness as the session progresses. But I want to lower our risk exposure. TOT daily traders are advised to lower the protective buy stop to SPX 1043. 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 in about 14 hours.
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