This is a 3:33 intraday update of Turov on Timing for Friday, February 3, 2012.
To quote yahoo.finance, “For the first time in several years, we have an unambiguously positive employment report.” That bit of unexpected news caused the market to soar in the early going. Since then, it has meandered a bit higher.
TOT daily traders went 400% short at SPX 1335 earlier today. Our 1% protective buy stop on the position is at 1348.35. The high for the day has been 1344.59. The SPX is currently about 1343.
While I don’t normally like taking a large position over a weekend – and subscribers can obviously adjust this recommendation for their own risk propensity – I am recommending that TOT daily traders carry the position over the weekend and into Monday if we do not get stopped out in the next half hour. I would be surprised NOT to see profit taking on Monday.
Have a great weekend, thanks for the opportunity to be of service, and I will email you again 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 ending one minute later. All times mentioned are Eastern. Questions related to this service should be directed to InvestmentAdvice@aol.com.