This is a 2:40 p.m. intraday update of Turov on Timing for Wednesday, October 31, 2007.
TOT daily traders went 300% long shortly after the opening today and then took profits at SPX 1541. We then went 300% short at the same 1541 level.
The SPX is now about 1535. I would not want to see it hit a new high today. Lower your buy stop to SPX 1544. If not stopped out of the short position, cover your short on the close and go overnight flat.
And finally, there is a 100% certainty that the daily model will be bullish tomorrow. The only question is how large a position we will be taking and at what price. UNOFFICIALLY, I would not argue with any sophisticated trader who wanted to establish the long position on today’s close, but OFFICIALLY, we will go overnight flat.
Thanks for the opportunity to be of service, and I’ll email you again in a few hours.
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