The overnight message said, “TOT daily traders are advised to go an unleveraged 100% long at SPX 1711 stop.”
Well, the SPX opened at 1711.44, and in the time it took to taste your morning coffee, it was below 1711 and headed south. Based on my intraday index models, all of which are modestly to strongly bullish, TOT daily traders are now advised to go an additional 200% long at SPX 1701 stop. Our protective sell stop at SPX 1696 is still valid, on both the old and new positions.
My previous advice, which was, “If not stopped out, sell the position on the close and go overnight flat,” is hereby cancelled and replaced with “If not stopped out, carry the position overnight and into tomorrow.”
Thanks for the opportunity to be of service, and I’ll email you again in about 15 hours – or sooner if circumstances warrant.
Turov on Timing is Copyright © 2013 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.