This is a 3:30 p.m. intraday update of Turov on Timing for Wednesday, April 21, 2004.
The market is up modestly on the Motorola news and the fact that Chairman Greenspan offered no new scary news. Nevertheless, the daily model is certain to be bearish tomorrow. Furthermore, my intraday model is showing negative divergence on the rally.
The SPX is currently about 1124, 9 points below where we went short, but up about 6 points on the day.
TOT daily traders come into today’s session 300% short. Go an additional 100% short at SPX 1123 stop or at SPX 1127 limit, whichever comes first. Maintain the protective buy stop at SPX 1143 on both the old position and on the new one, if taken. If not stopped out, carry your position overnight and into tomorrow.
Thanks for the opportunity to be of service, and I’ll email you again at the regular time – or sooner if circumstances warrant.
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