This is a 10:45 intraday update of Turov on Timing for Monday, January 9, 2012.
TOT daily traders went 200% long at SPX 1280 earlier this morning. After advancing a couple of points above there, the SPX has drifted down to its current price of about 1279.
I’m unimpressed with the underpinnings of the market today, and I recommend that TOT daily traders raise the stop to a very tight SPX 1278. If not stopped out, close out the position on the close and go overnight flat.
Thanks for the opportunity to be of service, and I will update again six hours before the start of tomorrow’s trading session.
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