This is a 10:35 a.m. intraday update of Turov on Timing for Monday, July 26, 2004.
I was hoping to see some divergence on my intraday model during the first hour of trading today (bearish if the market advanced or bullish if the market declined), but there was none. So no hints there.
The market opened with some modest strength, hit a wall as the DJII played with 10,000, and then sold off to where it is now, essentially unchanged.
As I said on the regular hotline, the daily model is bearish today, but I’m reluctant to short into the kind of weakness that we’ve recently had. Many daily model component indicators are quite oversold, as you might expect, but the overall daily model is nevertheless bearish.
I’m going to make the unusual decision to override the model today and stand aside, rather than going short. Obviously, individual subscribers may override me, and go short anyway, but I’m going to err on the side of caution and keep my powder dry.
Thanks for the opportunity to be of service, and I’ll email you again six hours before the start of Tuesday’s session – or sooner if circumstances warrant.
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