This is a 10:33 intraday update of Turov on Timing for Thursday, June 10, 2010.
The market is up sharply on a combination of jobs news, China news, and Euro news, and an absence of negative news (other than the continuing hemorrhaging – it’s not a leak – of our planet in the Gulf of Mexico). The fact that the market is responding so well to all that news is not in and of itself, bullish. Were it NOT to respond accordingly, THAT would be significant.
What I don’t like about the rally is that both the Dow and the SPX have risen higher than yesterday’s highs, but the NASDAQ has not.
The odds slightly favor a continued advance for the balance of the day, but my educated guess is that we’ve already seen 75% to 85% of the day’s gains. And with the market skating on ice (i.e.; subject to caving in to any potential negative news that might come out), I think that going long here, while probably a profitable act, is still unwise because of the risk. My advice: Stand aside.
Thanks for the opportunity to be of service, and I’ll email you again in about 15 hours.
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