This is a 1:40 intraday update of Turov on Timing for Wednesday, November 21, 2012.
Please note: The next TOT update will be six hours before the start of Friday’s trading session IF I end up recommending a new position. If my data leads me to the conclusion that we should stand aside, then the next TOT will be six hours before the start of Monday’s trading session.
“Everyone” on TV is talking about how the day after Thanksgiving is bullish. Well that’s not bullish; it’s another word beginning with “bull.” Here are the FACTS for the SPX (Gee, what a radical concept; the facts…):
2002 -2.56 2003 -0.25 2004 +0.89 2005 +2.64 2006 -5.14 2007 +23.93 —-but in 2007, the day after Thanksgiving came after the prior three days had LOST 41.97 points, certainly not the case this year. 2008 +8.95 —-but in 2008, the day after Thanksgiving was also the last day of the month, clearly a part of month-end favorable seasonality, certainly not the case this year. 2009 -19.14 2010 -8.95 2011 -3.12
As I said, the belief that the day after Thanksgiving is bullish (OK, I’ll be civil) is nonsense. It may or may not be bearish, but those ubiquitously bullish TV commentators should be eating crow, not turkey, tomorrow.
In any event, TOT daily traders are currently long. As previously stated, “Raise the protective sell stop to a rather tight SPX 1385. On the upside, if the SPX gets to 1397, take your profit.” And now I’ll add, if the position is not sold prior to the close, sell it out on the close.
Thanks for the opportunity to be of service, have a wonderful Thanksgiving, and I’ll update again six hours before the start of Friday’s trading session IF I end up recommending a position. If my data leads me to the conclusion that we should continue to stand aside, then the next TOT will be six hours before the start of Monday’s trading session.
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 end