This is an 11:00 intraday update of Turov on Timing for Friday, September 18, 2009.
I’ve done substantial research into the trading history of both the SPX and the NDX.X (NASDAQ 100) indices based on 75 minute trading periods (as well as numerous other periods). The first 75 minute trading period of the day is of particular interest inasmuch as that’s the time that Rydex prices its Twice-daily trading funds. With the advance in the NDX.X this morning, that’s the tenth consecutive advance. That has NEVER happened before. What does it mean? Well, with no historical background, I simply don’t have a clue – but events that have never happened before are significant. We just don’t know yet what the significance is.
TOT daily traders come into today’s session 400% short from SPX 1067.87. As I write this, the SPX is precisely at that same level. Inasmuch as we have an Intermediate Term model which just deteriorated yesterday, my best educated guess is that down is a more likely direction than up. But because of the uncertainty of what I described in the preceding paragraph, I certainly want to tighten the stop. Therefore, lower your stop at SPX 1072, just above the high of the day. If not stopped out, carry your position over the weekend and into Monday.
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 trading session.
Turov on Timing is Copyright © 2009 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.