This is a 10:40 intraday update of Turov on Timing for Monday, April 4, 2011.
TOT daily traders are 300% long from SPX 1333.56 with a protective sell stop on the position at SPX 1320.22. The SPX is currently up fractionally from our purchase level.
The market is being held back by continuing weakness in market leader, Apple (AAPL) which is down over 3 points after having been down 5. However, data indicates that the worst for the day in the NASDAQ is probably over and TOT daily traders should maintain the current position. However, I want to raise the stop to SPX 1327 since the market “feels” vulnerable to me.
If still long as we approach the close, sell the position on the close and go overnight flat.
Thanks for the opportunity to be of service, and I’ll email you again in about 15 hours – or sooner if circumstances warrant.
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