The market gapped higher this morning on dreams of souvlaki in Berlin. Whether those dreams will come true is a mystery known only to the ghost of Socrates. As I have written often, news will always trump ANY model, no matter how good that model is, and that’s exactly what has happened today. Both the SPY and QQQ are only very marginally higher than where they opened, and the inability of the market to advance from those levels, while not a bearish indicator, is certainly not a bullish one either. We’ll sit out the balance of the day, but as an FYI heads up only, in a news-neutral environment, the daily model will be bearish tomorrow. Obviously, if the news is what the market wants to hear, all bets on the “news-neutral” aspect of what I’ve just written are as palatable as moldy feta.
Thanks for the opportunity to be of service, and I’ll email you again in about ten hours.
Turov on Timing is Copyright © 2015 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. All recommendations are based on the Standard & Poor’s cash index (SPX) which cannot be directly traded and Turov Investment Group Inc. makes no recommendation or suggestion to readers as to how SPX-based recommendations should be traded but rather leaves that to the discretion of each individual reader. The “official” price of the opening and closing SPX is as reported at www.bigcharts.com and may not be consistent with futures or ETF prices. All stop recommendations are based on that “official” price. Any recommendation that is to take place at a specific time is basis the “opening” on a one minute bar chart beginning at that time and ending one minute later. All times mentioned are Eastern. Questions related to this service should be directed to InvestmentAdvice@aol.com.