This is a 10:55 intraday update of Turov on Timing for Friday, January 22, 2010.
TOT daily traders come into today’s session 200% short from SPX 1125.61. Our stop is SPX 1118. The SPX is currently about 1111.
The only reason I’m not recommending increasing the short position is that on a very short term basis, the market is oversold and could bounce anytime.
The odds are about even as to whether the market will close higher or lower than it currently is BUT the potential MAGNITUDE of a decline is significantly greater than the potential magnitude of an advance. So we will maintain both the position and the stop. If not stopped out, carry the position over the weekend and into Monday.
And with that in mind, 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.
Turov on Timing is Copyright © 2010 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.