This is a 10:47 intraday update of Turov on Timing for Tuesday, January 31, 2012.
On the overnight hotline, I said, “It is unclear how the market will act in the early going today as many component indicators are conflicting one another.” Well, that conflict has resulted in both a strong opening and a selloff after the opening that completely wiped out the early gain. Standing aside was certainly the right thing to do.
The SPX is currently down a fraction. TOT daily traders are advised to go 300% short at SPX 1309.75 stop. Once short, use a protective buy stop at SPX 1323. If not stopped out, cover the position on the close and go overnight flat. The daily model is likely to be bullish tomorrow, but just “how much” bullish is unclear at present.
Thanks for the opportunity to be of service, and I will update again six hours before the start of tomorrow’s 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.