Candidly (and I’ve always been candid with both clients and subscribers), I am shocked by the continuing strength of the market today. On the overnight
message, I said, “I would not be surprised to see a rally attempt sometime today,” but I expected the rally to fail. So far, it has not. Indeed, it has
strengthened as the day has progressed. While the “obvious explanation” is that yesterday’s tragedy is behind us and the world will go on, I find something
lacking in the “obvious.” On the other hand, other than bull market momentum, I am at a loss to understand the strength of the buying pressure today.
TOT daily traders come into today 300% short. The SPX is currently about 1977. Lower the stop to SPX 1982. If not stopped out, cover the short on the
close and go into the weekend flat. Frankly (that’s another word for “candidly”), I don’t understand the market today, and I don’t like being in markets I
don’t understand. Sorry I can’t be more informative, but I’ve never been fond of BS answers, and I won’t try now.
Have a good weekend, thanks for the opportunity to be of service, and I’ll email you again six hours before the start of Monday’s trading session.
Turov on Timing is Copyright © 2014 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.