This is a 2:00 p.m. intraday update of Turov on Timing for Monday, August 28, 2006.
The SPX is up sharply today, supposedly as a result of declining oil prices. Whether that is the real reason for the advance is anybody’s guess, but there’s no denying that the rally has been impressive.
Unfortunately, TOT daily traders are currently 300% short.
As I write this, the SPX stands just below 1304, after briefly exceeding it. While I really don’t believe the market has much chance of rising substantively higher, in all candor I have to acknowledge that I didn’t think it had much chance of getting as high as it is. Prudence says to not let ego get in the way of acknowledging what so far can be categorized as a poor recommendation. TOT daily traders are advised to cover their short at SPX 1305 stop and move to the sidelines if that level is reached. If that level is not reached, then carry your position overnight and into Tuesday where we will most likely retain the same stop.
Thanks for the opportunity to be of service, and I’ll email you again six hours before the start of tomorrow’s session – or sooner if circumstances warrant.
Turov on Timing is Copyright © 2006 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. Re-publication and distribution is strictly prohibited. No part may be reproduced without the permission of the Turov Investment Group Inc.