TOT daily traders went 300% long at SPX 1608.30 at 9:45 this morning and took profits at SPX 1615 about 90 minutes later, near the 1615.94 high of the day.
In the “Yes, I will remind you of this a few times” category: On the overnight hotline, I said, “I believe the selling in gold is just about over, and I also believe that the gold mining stocks will outperform bullion in the very short term. By my measures, exhaustion levels in the mining stocks have been reached, and rallies almost always occur from such levels.” FYI, in case you’re not watching, gold is up about 2.3% right now, Newmont Mining (NEM) is up over 7% and the Power Shares precious metals fund (DBP) is up a bit over 3%.
CAVEAT AND AN EXTRA ADVISORY: Although Monday is the first day of the month (FDOM) and the FDOM is historically a very strong day – and the FDOM of July is historically the second strongest FDOM of the year – my preliminary daily model for Monday (even after considering the FDOM factor) is NOT encouraging. I’m not recommending going short the SPX over the weekend (the Russell 2000 MAY be another story if it can hold 980), but I certainly would NOT want to go long the SPX in expectation of a strong FDOM.
Have a great weekend, thanks for the opportunity to be of service, and I’ll email you again about six hours before the start of Monday’s trading session.
Turov on Timing is Copyright © 2013 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.