VERY IMPORTANT 3:50 p.m. intraday update of Turov on Timing for Friday, October 16, 2009.
PLEASE READ THE ENTIRE MESSAGE. THANK YOU.
TOT daily traders went 300% short at the SPX 1094.67 opening and have maintained that position throughout the day, along with a protective buy stop at SPX 1101. And while I’m disappointed at the afternoon rally, I’ve seen consistent negative divergence on my intraday model, and the daily model for Monday is certain to be bearish.
CARRY THE POSITION OVER THE WEEKEND AND INTO MONDAY.
The odds are about 2 to 1 that Monday will be a down day. Even more important, the potential for a LARGE decline exists.
Because of some travel plans that I cannot change, I will be out of the country over the weekend, returning to the office on Monday about 2:00 p.m. Eastern time, at about which time I will have the NEXT TOT update. Continue to use the SPX 1101 stop on Monday for the position. I am not suggesting trailing it if the market declines as I do not want to get whipsawed.
Enjoy the weekend, thanks for the opportunity to be of service, and I’ll email you again about 2:00 Eastern time on Monday.
Turov on Timing is Copyright © 2009 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.