This is a 9:40 a.m. intraday update of Turov on Timing for Friday March 7, 2008.
After only ten minutes of trading, the S&P is down only ½ the amount at which the S&P futures closed the overnight session at 9:15 a.m. That’s not necessarily a good sign as it’s happening too fast. It would have been more bullish for the stocks to decline further and longer and for a rally then to begin. While it is possible that the market will continue to move straight up from here, it is more likely to give up the gains from this rally and move back down towards the lows. A rally from there would be the one to evaluate and perhaps trade.
Thanks for the opportunity to be of service, and I’ll email you again in a few hours.
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