This is a noon intraday update of Turov on Timing for Tuesday, August 9, 2011.
Markets were weak overnight but then reversed to the upside, and that gain of just over 2% has held so far.
The BIG – really BIG – question is whether the Federal Reserve will pull something out of their hat this afternoon. The market should respond BIG one way or the other afterwards. As a general rule, I like to avoid trading on days when the Fed is announcing, and today is especially true because of the significance of any announcement of either action or inaction. Continue to stand aside.
Thanks for the opportunity to be of service, and I’ll email you again six hours before the start of Wednesday’s trading session.
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