This is a 10:20 intraday update of Turov on Timing for Friday, April 1, 2011.
TOT daily traders came into today’s session 300% short and were stopped out early this morning on the favorable jobs report at SPX 1331.
I had expected a flat to weak morning, followed by a stronger afternoon, but the jobs report “front-ended” buying. For the balance of the day, the most bullish force will be favorable “first day of the month seasonality,” while the most bearish force will be the strong tendency for early morning strength following the release of a solid jobs report to be reversed. How this tug of war will play out is quite unclear. We are currently on the sidelines, and we will remain there.
Have a great weekend, thanks for the opportunity to be of service, and I’ll email you again six hours before the start of Monday’s session.
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