I had recommended that “TOT daily traders… go 200% short at SPX 2363 stop…” The SPX opened today at 2055.73, which is one of the biggest gap openings I have seen. I would not have wanted to go short at 2055.73, but because of the wording of my message, that is where we are short. (All Turov Investment Group managed accounts that permit short selling and Turov on Overnight Possibilities subscribers went short the Russell 2000 ETF or equivalent on yesterday’s close, so this problem does not affect them, only Turov on Timing subscribers.) Anyway, going short the SPX on such a large gap was not my intention, and in the future I will likely use stop-limit recommendations more often (and for novices, I’ll explain in detail what that means the first time I use such a recommendation). So, here we are with a short position in SPX taken a few points below the current price (and with Monday’s daily model looking unclear), the best option seems to be lowering the stop to a very tight 2362 and if not stopped out, covering the position on the close and going into the weekend flat.
Have a great weekend, thanks for the opportunity to be of service, and I’ll email you again before the start of Monday’s trading session.
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