This is an 8:45 a.m. pre-opening special Turov on Timing for Thursday March 6, 2008.
On numerous occasions, when overnight news caused a big overnight move in futures prices, I’ve either cancelled or changed a regular hotline recommendation. For example, on February 25, the daily model was bullish but the futures were up sharply, and I advised not going long inasmuch as the gap already reflected the anticipated gain. Similarly, but in the opposite direction, because of the overnight news today and the way TOT monitors trades, if we went long on the opening, we would be stopped out within seconds. Therefore, please alter this morning’s recommendation to the following:
TOT daily traders are advised to go 300% long on the first 2 point advance off a round number low. For example, if the SPX declines to 1330, the buy stop level would be SPX 1332. If it then declines to 1329, the buy stop would be reduced to 1331, etc.
If you go long, use a 1% cash management protective sell stop. 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 in about 15 hours – or sooner if circumstances warrant.
Turov on Timing is Copyright © 2008 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.