This is a 10:45 intraday update of Turov on Timing for Friday, February 17, 2012.
TOT daily traders came into today’s session 300% short from SPX 1358.04 and went an additional 200% short (bringing us up to a maximally bearish 500% short) at SPX 1360. So our average short sale price is 1358.824. The SPX is currently about 1360.
The failure of the market to accommodate us with a sizable selloff this morning does not augur well for our quest for a big gain today – although the odds still favor a decline. And indeed, those short the NASDAQ instead of the SPX (as all of Turov Investment Group Inc. managed accounts are, as indicated on the overnight hotline) have done well this morning with the NDX down a decent percentage amount.
TOT daily traders are advised to lower your stop to SPX 1362 on 2 units and SPX 1365 on the remaining 3. If the SPX declines to 1355 before reaching 1365, then lower the stop again to SPX 1360 on (all or the remainder of) the position. And for each additional 5 point decline, lower the stop by an equivalent 5 points. If still short as we approach the close, cover the short on the close and go into the weekend flat.
Enjoy the 3-day weekend, thanks for the opportunity to be of service, and I’ll email you again six hours before the start of Tuesday’s trading session – or sooner if circumstances warrant.
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.