The market sold off sharply at the top of the hour when the January ISM Manufacturing numbers came in lower than expected. As I’ve written often, unexpected significant news will always impact the market. In the long run, favorable and unfavorable news neutralize each other. On any given day however, it will either help or hurt our position. Today is a hurt.
TOT daily traders are currently 200% long. The odds are that the market will (at least partially) recover from current depressed levels, but panics can act in unexpected ways. For that reason only, TOT daily traders are advised to use a stop on the position at SPX 1758.
Thanks for the opportunity to be of service, and I’ll email you again later today.
Turov on Timing is Copyright © 2014 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. All recommendations are based on the Standard & Poor’s cash index (SPX) which cannot be directly traded and Turov Investment Group Inc. makes no recommendation or suggestion to readers as to how SPX-based recommendations should be traded but rather leaves that to the discretion of each individual reader. The “official” price of the opening and closing SPX is as reported at www.bigcharts.com and may not be consistent with futures or ETF prices. All stop recommendations are based on that “official” price. Any recommendation that is to take place at a specific time is basis the “opening” on a one minute bar chart beginning at that time and ending one minute later. All times mentioned are Eastern. Questions related to this service should be directed to InvestmentAdvice@aol.com.