This is a 3:04 intraday update of Turov on Timing for Thursday, April 12, 2012.
In my 10:42 intraday update, I said, “My intraday model (10:45 through the close) for the NASDAQ 100 is neutral, and for the SPX, it’s bullish!” Well, since then, the NASDAQ 100 is dead flat, and the SPX is up 5!
TOT daily traders went 200% long at SPX 1381.90. The SPX is currently about 1387. Raise your stop to SPX 1382. If still long as we approach the close, take your profit on the close.
ALSO, TOT daily traders are advised to go 300% short at the market on the close and carry that position overnight and into tomorrow.
Regardless of news, the daily model will be bearish tomorrow. And if Google’s earnings, due out after the close, are not up to expectations (and I have no idea whatsoever whether they will be or not), the pieces are in place for a potential waterfall decline tomorrow (aided by a weak-today and possibly weaker tomorrow, Apple Inc.).
Thanks for the opportunity to be of service, and I will update again in about 10 hours.
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.