This is a 10:30 intraday update of Turov on Timing for Friday, December 3, 2010.
TOT daily traders came into today’s session 300% short and went an additional 200% short on the SPX 1219.93 opening, raising us to a maximally bearish 500% short position.
The SPX is currently about 1218.
While I’m pleased that our short position is working out well – especially after the two great days we’ve had on the long side – I’m somewhat surprised that the market is not weaker than it is, and that concerns me. Lower your stop to a rather tight SPX 1223. On the downside, if the selling accelerates and the SPX declines to 1203, cover the short and take your profit.
If still short as we approach the close, cover the short on the close and go into the weekend flat.
And with that in mind, 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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