This is an 11:40 a.m. intraday update of Turov on Timing for Friday, November 7, 2008.
After a sharp run-up this morning, the market has given back about 60% of its gains in response to horrendous
earnings news from General Motors. Yet while GM is continuing to weaken – now down about 20% from its morning high
– the broad market has stabilized and has stopped following GM’s lead. Yet we were unfortunately stopped out on 2
of our 3 unit long position. I’m loathe to recommend re-establishing the position (stops are meant to reduce risk),
but I do believe that the market is going back up, and independent minded sophisticated traders may take that
opinion into consideration when deciding how to “play” the balance of today. We’re still long one unit of our
original position, with a stop at SPX 909.00. If we’re still long at 3:55 p.m., I’ll have an intraday update within
a minute or two thereafter.
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.
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