This is a 12:20 intraday update of Turov on Timing for Friday, February 25, 2005.
TOT daily traders went 400% long at SPX 1201 about 10 minutes into today’s session. As I write this, the SPX is about 1209. I expect some sideways action for awhile, followed by further advances later in the day. If we hold these gains, it is a certainty that the directional component of the daily model will again be bullish on Monday. However, a decline below SPX 1196 would be very bad. Therefore, raise your protective sell stop to SPX 1196. 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 session – or sooner if circumstances warrant.
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