This is a 3:15 intraday update of Turov on Timing for Monday, August 7, 2006.
The SPX is currently about 1274. TOT daily traders are 300% short from SPX 1286. Our current buy stop is at SPX 1280, but I recommend changing that.
It is unlikely that the daily model will be bearish tomorrow, based on current preliminary readings. Take profits at SPX 1277 stop or at SPX 1272 limit, whichever comes first. If not stopped out, take your profit on the close and go overnight flat.
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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