This is a 10:32 intraday update of Turov on Timing for Friday, January 27, 2012.
On the overnight hotline, I said, “The daily model is bullish today, but I want to stand aside for a while until I see how the market trades.”
Well, the market opened soft on the GDP numbers and has struggled since then. The bulls seem to be winning that struggle, albeit grudgingly. I’d like to go long, but I’d like to see the market exceed its earlier highs before doing so.
TOT daily traders are advised to go 200% long at SPX 1319.30 stop. If you go long, use a protective sell stop at SPX 1309. If long as we approach the close, carry the position over the weekend and into Monday.
Have a great weekend, thanks for the opportunity to be of service, and I will update again at 9:00 a.m. Monday morning (not Sunday night).
Turov on Timing is Copyright © 2012 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.