This is a 1:15 intraday update of Turov on Timing for Tuesday, October 18, 2011.
After a rocky start, TOT daily traders’ 300% long position from SPX 1202 is working out well, as the SPX now flirts with 1213. Raise your stop on the entire position to a breakeven SPX 1202. Contrary to my prior advice, if still long as we approach the close, hold the position overnight. PRELIMINARILY, I expect a continuation of the advance in the very early going tomorrow, followed by a failure to the upside. If not stopped out today, I’d be looking to take profits sometime during the first 15 minutes tomorrow.
Thanks for the opportunity to be of service, and I will update in about 12 hours – or sooner if circumstances warrant.
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