This is a 2:30 p.m. intraday update of Turov on Timing for Monday, May 10, 2004.
The SPX is off about 15 points as I write this, at 1083. TOT daily traders joined TOT short term traders on the short side of the market soon after the opening today and are currently 300% short.
Preliminarily, the odds favor a modest retracement of today’s decline tomorrow if the market remains soft in the remaining hour and a half without having a major meltdown. It is probable that the daily model will be neutral tomorrow.
TOT daily traders are currently 300% short. Lower your stop to SPX 1104. On the downside, if the SPX gets to 1075, lower your stop again to SPX 1085, and for each additional 5 point decline, lower your stop by an equivalent 5 points. If not stopped out, carry the position overnight and into tomorrow.
Thanks for the opportunity to be of service, and I’ll email you again at the regular time – or sooner if circumstances warrant.
Turov on Timing is Copyright (c) 2004 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 publisher.