This is an 11:00 a.m. intraday update of Turov on Timing for Tuesday, March 18, 2008.
To say that we are experiencing a news-driven market would be an understatement. This morning’s huge gap on positive news is just the latest example. And, of course, at 2:15 this afternoon, we’ll get more news.
On my regular message, I said, “The directional component of the daily model is bullish,” and this morning’s 30 point SPX advance is consistent with that model reading.
My intraday model suggests that we have most likely seen the highs for the day already, but it is not a dramatic signal. Considering the big move we’ve had already today, the unenthusiastic intraday model reading, and the almost certain tremendous volatility that we’re likely to see after the Fed announcement this afternoon, I’m comfortable sitting the balance of the day out.
FINAL NOTE: While still preliminary, of course, the daily model will most likely be bullish tomorrow.
Thanks for the opportunity to be of service, and I’ll email you again six hours before the start of tomorrow’s session – or sooner if circumstances warrant.
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