This is a 9:40 a.m. intraday update of Turov on Timing for Monday, August 18, 2003.
The SPX is currently about 998. This compares with our average cost on our 500% long position of SPX 982.40. I think the market is getting tired here as the intraday model is showing negative divergence for the first time since this position was taken. Raise your stop to SPX 994. On the upside, if we get to SPX 1001, take your profit. If neither level is reached, take your profit on the close and go flat.
Thanks for the opportunity to be of service, and I’ll email you again at the regular time – or sooner if circumstances warrant.
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