This is a 10:32 intraday update of Turov on Timing for Monday, June 7, 2010.
When I wrote the overnight Turov on Timing, futures were down sharply. However, they completely recovered overnight, and the market opened mostly higher this morning. TOT daily traders went 300% long at SPX 1068 shortly after the opening. The SPX is currently about 1067. I’m not thrilled with the outlook for the balance of the day. Raise your stop to a very tight SPX 1066. If not stopped out prior to the close, sell the position on the close. Either way, go overnight flat.
Thanks for the opportunity to be of service, and I’ll email you again six hours before the start of tomorrow’s trading session – or sooner if circumstances warrant.
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