This is a 9:33 a.m. intraday update of Turov on Timing for Wednesday, June 23, 2010.
The SPX is currently up about 1 point at about 1096.
I expect today to close higher, but, as I said on the overnight message, “we’re likely to have some further selling in the early going first.”
TOT daily traders are advised to go 200% short at SPX 1095 stop. If you go short, use a tight buy stop at SPX 1102.
At 10:45, cover the short at the market (if you are short) and simultaneously go a maximally bullish 500% long. Once you go long, use a loose 1.5% sell stop on the long position. If the market rallies 10 points from where you’ve gone long, raise the stop to a breakeven. We’re taking a high risk position in expectation of high profits.
Thanks for the opportunity to be of service, and I’ll email you again at 3:50 – or sooner if circumstances warrant.
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