This is a 3:00 p.m. intraday update of Turov on Timing for Friday, July 16, 2004.
As always, all times mentioned in this email are Eastern time.
TOT daily traders went 200% short at SPX 1105 just a half hour ago after previously having gone 200% short at SPX 1109 just after the opening. We’re using a 12 point stop on each position, calculated separately.
It is a 100% certainty that the long term model, and the short term model, and the daily model will all be bearish on Monday. Therefore, I’m going to take a three day weekend and dispense with the regular Monday report (unless something earthshaking happens over the weekend). THE NEXT TUROV ON TIMING WILL BE 6 HOURS BEFORE THE START OF TUESDAY’S TRADING SESSION.
Unless something dramatic happens prior to the close today to stop us out (in which event I will have another update no later than midnight tonight) TOT daily traders will be going into the weekend with a 400% short position.
Maintain that position and the extant stops on Monday. If the SPX reaches 1090 either in the balance of today’s session or on Monday, lower your buy stop on the entire 400% short position to SPX 1104. If not stopped out, carry the position overnight and into Tuesday.
If you have any questions regarding this message, please email me today, and I will clarify prior to midnight tonight. I will not be reachable for clarification either over the weekend or on Monday.
Enjoy the weekend, thanks for the opportunity to be of service, and I’ll email you again 6 HOURS BEFORE THE START OF TUESDAY’S TRADING SESSION.
Turov on Timing is Copyright (c) 2004 by Turov Investment Group Inc. All rights reserved. Turov on Timing is for personal use only. All caveats and advisories that appear in the monthly Turov on Timing apply equally to this email. Re-publication and distribution is strictly prohibited. No part may be reproduced without the permission of the Turov Investment Group Inc.