This is a 12:30 intraday update of Turov on Timing for Thursday, November 18, 2010.
TOT daily traders are having a great day, currently 500% long. The SPX is currently up about 21 points, pushing against the 1200 level. We should now use a stop. Sell the position at SPX 1196 stop or at SPX 1203 limit, whichever comes first. If still long as we approach the close, take your profit on the close and SIMULTANEOUSLY, go 300% short, carrying the short overnight and into tomorrow. The probability of the market declining tomorrow is as high as the probability of its advancing was today! Obviously, and as always, that comment is subject to the vagaries of unknown news.
Thanks for the opportunity to be of service, and I’ll email you again in 14 hours – or sooner if circumstances warrant.
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