This is a 1:57 intraday update of Turov on Timing for Tuesday, June 16, 2009.
TOT daily traders are currently 400% short the SPX from 927.06. The SPX is currently about 915. It is quite possible that the bulk of the day’s selloff is completed, and I want to lock in at least a 10 point profit (times 4 units, of course). Therefore, TOT daily traders are advised to lower your stop to SPX 917.06. On the downside, if the SPX (unexpectedly) declines to 903 before stopping us out, take your profit there. If still short as we approach the close, take your profit on the close and go overnight flat.
Thanks for the opportunity to be of service, and I’ll email you again 6 hours before the start of tomorrow’s trading session.
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