This is a 10:30 intraday update of Turov on Timing for Wednesday, January 4, 2012.
After booking a big profit on the long side yesterday, TOT daily traders booked a small profit on the short side this morning. EVEN MORE IMPORTANTLY, despite the second trading day of January being CONSISTENTLY the strongest (most bullish) day of the year, TOT kept subscribers from being long! (Whether you’re impressed or not, I’m impressed!)
The odds favor the probability of a rally attempt. However, the odds are a mere 54:46, and that doesn’t impress me a whole lot. If TOT were an all-day-long scalping hotline, I’d try to look for a spot to go long for such a scalp, but that’s not TOT’s purpose. We will bypass the modest odds and stay on the sidelines.
Thanks for the opportunity to be of service, and I will update again in about 15 hours – or sooner if circumstances warrant.
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