This is an 8:30 a.m. pre-opening update of Turov on Timing for Monday, May 17, 2004.
The news overnight has been horrid. The head of the U.S. sponsored Iraq Governing Council was killed, oil reached record highs, Japan was down about 3%, Europe is down about 2%, and India is down over 10% after having been down 17%. A rather ominous beginning to the week, indeed.
NASDAQ futures are down about 1.5% here, and S&P futures are off about 1%. If the market can stabilize in the face of news as bad as we’ve had so far, it will indicate that the short term weakness that we’ve seen over the past three weeks is due for a respite. A 1% S&P decline is not much in light of the overnight news, and therefore such a respite might be at hand.
The previously recorded recommendations for today’s session stand.
Thanks for the opportunity to be of service, and I’ll email you again at the regular time – or sooner if circumstances warrant.
Turov on Timing is Copyright (c) 2004 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.