This is a 10:42 intraday update of Turov on Timing for Thursday, April 12, 2012.
With both the Intermediate Term Model and the daily model being bullish today, this morning’s strength in tech stocks is not surprising, and as previously reported, most Turov Investment Group Inc. managed accounts are long the NASDAQ 100 fund. However, I was reticent to go long the SPX early on as I expected its strength to come later in the day than the NASDAQ’s. Wrong. It’s come.
My intraday model (10:45 through the close) for the NASDAQ 100 is neutral, and for the SPX, it’s bullish! Hmmm. Tough decision, whether to jump into the SPX after it’s already up almost a full percent. But I’m going to follow the model and recommend doing precisely that. TOT daily traders are advised to go 200% long the SPX, and we’ll use the 10:45 price as our “official” entry level. Once long, use a 0.5% protective stop on the position. If still long as we approach the close, sell the position at the market AND reverse it by going 200% short and carrying that position overnight and into tomorrow. If we’ve been stopped out of the long prior to the close, then just go overnight flat, even though, preliminarily, the daily model will be bearish tomorrow.
Thanks for the opportunity to be of service, and I will update again in about 15 hours.
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