This is a 10:40 a.m. intraday update of Turov on Timing for Tuesday, May 27, 2008.
Primarily as a result of an unexpected sharp drop in the price of oil today, the SPX is currently up about 4 points on the session. The advance is likely to continue. However, the mean expected value of the additional advance today is only about 2 SPX points – not enough, in my opinion, to justify exposing ourselves to market risk. Continue to stand aside.
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.
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