This is a 3:40 intraday update of Turov on Timing for Friday, June 18, 2010.
What a dead market! TOT daily traders went 300% short at SPX 1115 earlier this morning. The SPX is currently about 1116 and a fraction. Inasmuch as I don’t have any preliminary handle on Monday morning’s probable direction, lower buy stop on the position to a very tight SPX 1117. If not stopped out prior to the close, cover the short on the close and go into the weekend flat.
And with that in mind, have a great 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.
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