The SPX gap opened sharply higher today on the release of Ms. Yellen’s Congressional testimony and has gone virtually nowhere since then. The difficulty the market is having building on that gap-opening strength is telling, IMHO. The odds of the market falling are higher than the odds of the market exceeding its earlier high. TOT daily traders are advised to go 200% short at the market. We will use the 12:45 price for our records. Once short, use a buy stop at SPX 2446, a little over a point above the current high of the day. If not stopped out, carry the position overnight and into tomorrow
Thanks for the opportunity to be of service, and I’ll email you again in about ten hours– or sooner if circumstances warrant.
Turov on Timing is Copyright © 2017 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 including the fact that past performance is not a guarantee of future performance. Re-publication and distribution is strictly prohibited. No part may be reproduced without the permission of the Turov Investment Group Inc. All recommendations are based on the Standard & Poor’s cash index (SPX) which cannot be directly traded and Turov Investment Group Inc. makes no recommendation or suggestion to readers as to how SPX-based recommendations should be traded but rather leaves that to the discretion of each individual reader. The “official” price of the opening and closing SPX is as reported at www.bigcharts.com and may not be consistent with futures or ETF prices. All recommendations are based on that “official” price. Any recommendation that is to take place at a specific time is basis the “opening” on a one minute bar chart beginning at that time and ending one minute later. All times mentioned are Eastern. Questions related to this service should be directed to InvestmentAdvice@aol.com.