This is a 2:45 intraday update of Turov on Timing for Thursday, February 10, 2005.
The market is filled with numerous cross currents today. NASDAQ was noticeably weak early in the day, then recovered nicely, and is now flat. The Dow has been up the entire session. The yen is unchanged but the euro is soaring. Gold is rallying. Oil is moving higher again. After a sharp rally the past few days, bonds sold off on yield-curve arbitrage unwinding (which seems to have run its course). The SPX is up a few points, but only about a third of yesterday’s decline.
The long and short term models remain bullish, yet my “gut sense” of the market is that it’s a building on soft clay. The daily model is just about as neutral as it ever gets with bullish and bearish forces quite balanced. I expect to see a trading opportunity late tomorrow or early Monday, but it’s unlikely one will appear before then.
Thanks for the opportunity to be of service, and I’ll email you again six hours before the start of tomorrow’s session.