This is a 1:52 p.m. intraday update of Turov on Timing for Wednesday, October 30, 2002.
The SPX is currently 885.
TOT daily traders went 200% short at SPX 887.50. However, the market does not look like it’s going to crack very severely, and there’s a strong possibility that the daily model will be bullish tomorrow. Therefore, I want to play this trade closer to the vest.
Lower your stop to SPX 892.50, and on the downside, if we decline to SPX 882.50, take your profit. So either way, we’re going to have either a small profit or a small loss on this trade – no fireworks either way.
I’ll update again with another email message at 3pm, give or take 15 minutes.
Thanks for the opportunity to be of service to you.
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.