This is a 9:05 a.m. pre-opening special Turov on Timing for Tuesday, February 5, 2008.
The ISM Non-Manufacturing Index was released, unexpectedly, pre-opening, and the market tanked in response. S&P futures fell about 20 points, and Dow futures fell 150 points. There’s nothing much that can be done about that, as it’s already factored into the market. However, this morning’s response to the pre-opening selloff will be critical.
As I said on the regular hotline, “the market MUST advance in the first 75 minutes of trading or I think it will be in trouble.”
On the other hand, if it can rally back sharply from this selloff, it would be very bullish.
And there’s absolutely no way of knowing which of those two scenarios will play out.
As previously mentioned, I will update again with an interim email at 10:50 a.m.
Thanks for the opportunity to be of service, and I’ll email you again at 10:50 a.m.– 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.