This is a 2:35 p.m. intraday update Turov on Timing for Friday, February 15, 2008.
TOT daily traders came into today’s session 300% short and are doing well with the position. The SPX is currently about 1342. We have a long uncertain weekend of news ahead of us, and preliminarily, it looks like the daily model will be neutral on Tuesday. Therefore, lower your stop to SPX 1347 to protect the bulk of our profit. If the SPX declines to 1335, lower the stop to 1340, and for each additional 5 point decline, lower the stop an equivalent 5 points. If not stopped out, carry your position over the weekend and into Tuesday.
And with that thought in mind, have a great three day weekend, thanks for the opportunity to be of service, and I’ll email you again six hours before the start of Tuesday’s session – or sooner if circumstances warrant.
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