This is a 12:27 intraday update of Turov on Timing for Tuesday, October 6, 2009.
I had not expected to do an intraday update today, but market activity and further research makes it advisable.
We’re having another good day. TOT daily traders came into today’s session 300% long and as I write this, the SPX is up about 18 points at about 1058. Our stop is currently SPX 1050. Raise the protective stop on the position to SPX 1055. If the SPX advances to 1065, raise the stop again to SPX 1060, and for each additional 5 point advance, raise the stop by an equivalent 5 points. If not stopped out, sell the position on the close. In the absence of unknowable news, the market will likely not be strong tomorrow morning and I therefore do not want to have the overnight exposure.
Thanks for the opportunity to be of service, and I’ll email you again in about 14 hours.
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