The market has been having a wild time today. From down 850 points overnight, the Dow Industrials have rallied over 1000 points to being up more than 200. S&P futures have gone from being down the 5% limit to being up over a percent in the time it takes to play a baseball double-header. Bonds and gold have seen big advances completely reverse. The FANG stocks (Facebook, Apple, Netflix, and Google) are all down. As I mentioned in the regular issue of Turov on Timing, all Turov Investment Group managed accounts that permit inverse funds are, in essence, short the Nasdaq 100 2x fund, which is currently still down (while most of the blue chips are up). I would tell you the reason for all this if I knew it — but I don’t. I could act wise and BS you with an explanation, but the truth of the matter is that today’s action is a statistical outlier with almost no equivalency and little precedent.
TOT daily traders are 300% short. I have recommended no stop on the position, and so we remain at the vicissitudes of the market — although I am watching closely and may change that.
Thanks for the opportunity to be of service and I’ll email you again later today.
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