This is a 2:47 p.m. intraday update of Turov on Timing for Wednesday, October 30, 2002.
The SPX is currently 886.50.
TOT daily traders went 200% short at SPX 887.50. However, the market does not look like it’s going to crack much, and there’s a strong possibility that the daily model will be bullish tomorrow. Therefore, I want to play this trade even closer to the vest than I suggested on the special message just under an hour ago.
Lower your stop to a breakeven SPX 887.50, and on the downside, if we decline to SPX 882.50, take your profit. So either way, we’re going to have either a breakeven or a small profit on this trade – no fireworks either way. If still short on the close, cover then. Don’t take this position overnight.
Thanks for the opportunity to be of service to you, and I’ll email you again six hours before the start of tomorrow’s session.
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