This is a 10:08 intraday update of Turov on Timing for Tuesday, April 12, 2011.
From a perspective of conventional charting, the market looks horrid this morning. But, as long term subscribers to TOT know, I am not a chartist!
On the overnight hotline, I said, “The odds slightly favor weakness in the early going, but after the morning dust settles, the market should move higher (in the absence of negative news, of course).” Well, the “early going weakness” has certainly defined this morning, with the Japanese news accelerating the selling. Now let’s see if the “moving higher” part will kick in also.
The SPX is currently about 1314. TOT daily traders are advised to go 200% long at SPX 1318 stop or at SPX 1310 limit or at the market at 10:45 a.m., whichever of those three events occurs first. Once long, use a 1% sell stop on the position. If still long at 3:45, then I’ll update again by 3:55. Otherwise, the next report will be the regular overnight one.
Thanks for the opportunity to be of service, and I’ll email you again in a few hours.
Turov on Timing is Copyright © 2011 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.