This is a 1:40 intraday update of Turov on Timing for Friday, October 11, 2002.
Well, I don’t know whether to feel really smart for picking the bottom or to feel really stupid for not going long. I guess I feel both.
On the regular hotline, I game ample reasons for both going long and for not going long, and they both made sense. (Hey, at least I didn’t offer any reasons for going short!!) I opted for being cautious. If the same circumstances were to occur again, I’d again opt for caution.
So far today, there has been no positive divergence on my intraday model when the market has pulled back, and there has been only very minor negative divergence when the market has rallied. In sum: no clues here.
Up volume to down volume on the NYSE is currently a powerfully bullish 14:1. On NASDAQ it’s a less dramatic 5:1. Good retail sales numbers and war fever were the catalysts for the rally, but it’s obvious that the market was just ready, and the component indicator I told you about is REALLY good at what it does. Glad that the followers of the long term and short term models were in; sorry that the daily traders were sidelined.
Have a great weekend, thanks for the opportunity to be of service to you, and I’ll email you again six hours before the start of Monday’s trading session.
Turov on Timing is Copyright (c) 2002 by Turov Investment Group Inc. All rights reserved. Turov on Timing is for personal use only. Re-publication and distribution is strictly prohibited. No part may be reproduced without the permission of the publisher.