This is a 3:25 update of Turov on Timing for Tuesday, October 15, 2002.
In response to the very favorable news prior to the opening today, the S&P futures opened at 866.50. As I write this, the S&P futures are about 7 points above that. Aside from the opening gap, there has been little additional net gain. Furthermore, there’s a lot of resistance in the 880 area, just above where we are now.
Because of the sizable gain, and the fact that most of it occurred on the gap, it’s hard for me to get excited about the gain. On the other hand, though, the public will undoubtedly get more optimistic when they see the evening news, not realizing that the gain may have little carry-through significance. But without seeing updated numbers on my daily model (which I won’t be able to calculate until late tonight), I’m inclined to continue to stand aside until those numbers can be analyzed.
Thanks for the opportunity to be of service to you, and I’ll email you six hours before the start of tomorrow’s trading session.
Turov on Timing is Copyright (c) 2002 by Turov Investment Group Inc. All rights reserved. Turov on Timing is for personal use only. Re-publication and distribution is strictly prohibited. No part may be reproduced without the permission of the publisher.