This is a 10:55 a.m. intraday update of Turov on Timing for Wednesday, October 7, 2009.
After two big winning sessions on the long side, TOT daily traders went 200% short at SPX 1053.65 this morning. The SPX is currently up about a point from that level. In the absence of bad news, the market is unlikely to fall further TODAY, and is quite likely to advance. Cover your short at the market AND simultaneously go 300% long. We will use the 10:57 price as our “official” entry level. After you go long, use a 10 point protective sell stop on the position. If not stopped out, sell your position on the close and go overnight flat.
Thanks for the opportunity to be of service, and I’ll email you again in about 15 hours.
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