This is a 10:45 intraday update of Turov on Timing for Friday, January 8, 2010.
An interesting market today. While the SPX is flat and the DJII is down, NASDAQ, which has been lagging the bluer chip indices, is up, after having been down earlier in the day.
There have been nine “afternoon” (10:45 through close) periods similar to today’s parameters since Year 2000. Curiously enough, the first four of these (chronologically) were all up, averaging a NASDAQ-100 Index ADVANCE of .81%. But the next five were all down, averaging a NASDAQ-100 Index DECLINE of .94%. ALL OF THE 9 OCCURRED DURING PERIODS WHEN THE NASDAQ-100 WAS ABOVE ITS 50 DAY MOVING AVERAGE, so the parameters include market trend. Also of interest is that most of the moves were large, with seven of the nine being over 1/2%. I bring this up because it is of interest, but I don’t know if it has any meaning. With the Intermediate Term Model having reversed to bearish last night, there is a modest probability that the market will decline from here through the close, but not enough of one to risk capital. Stand aside and start the weekend early.
Thanks for the opportunity to be of service, and I’ll email you again six hours before the start of Monday’s trading session.
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