This is a 9:42 a.m. intraday update of Turov on Timing for Friday, May 9, 2008.
Well, the AIG news, coupled with soaring oil prices, caused the market to open sharply lower this morning, and we were stopped out of our long position. It is quite possible that we have already seen the lows of the day. The daily model’s directional component is solidly bullish for today, and I’m looking for an ideal re-entry point. I will have another intraday update later this morning.
Thanks for the opportunity to be of service, and I’ll email you again shortly.
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