This is a 12:15 pm intraday update of Turov on Timing for Wednesday, January 31, 2007.
The SPX is currently unchanged on the day.
On the regular hotline message, I said, “In the absence of overnight news, the market is likely to open weakly, and then present a decent buying opportunity in mid-morning.”
Well, that’s what happened, but the “decent buying opportunity” came both earlier in the morning and at a shallower level than I had expected. So the market has rallied from that level, and has since tapered off to unchanged.
In about two hours, the Fed is expected to release its decision and commentary. It would be surprising for the market to do much before then, and it would be surprising for the market to not gyrate wildly after that. Under such conditions, remaining on the sidelines seems the best choice.
Thanks for the opportunity to be of service, and I’ll email you again in 12-15 hours – or sooner if circumstances warrant.
Turov on Timing is Copyright © 2007 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.