This is a 3:40 p.m. intraday update of Turov on Timing for Thursday, November 20, 2008.
It’s been a mercurial market today, to say the least. TOT daily traders went 200% long at SPX 798.21. At its high,
the SPX was a 820.52, 2.80% above our entry level. Those who used the NASDAQ 100 as a vehicle went long at 1091.30.
At its high, that index was at 1114.98, up 2.08% on the session.
Unfortunately, those gains did not hold, and the SPX is currently at about 760 and in panic mode, having broken to
new lows for the 21st Century. There may be a rebound towards the close as all the stops are taken out (if they
haven’t already been) but that’s far from a certainty. With Fridays having been the weakest day of the week over
the past 15 years, with the uncertainty of options expiration tomorrow, and with the weak afternoon today,
liquidating the position on the close today and going overnight flat seems appropriate.
NOTE: Inasmuch as I am certain that I do not want a position during the first 75 minutes of trading tomorrow, there
will be no regular TOT report tonight. The next TOT will be an intraday report tomorrow between 10:45 and 11:00
Thanks for the opportunity to be of service, and I’ll update again at that time.
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