This is a 2:30 p.m. intraday update of Turov on Timing for Wednesday, February 16, 2005.
The market opened soft on the Iran explosion scare, and higher oil prices and a bond-confused Fed Chairman could easily have caused a lot of damage. The fact that they have not is a tribute to a very strong market. Nevertheless, there are a lot of trend followers in the market these days, and if the market were to break the 1205 area or thereabouts, a good deal of program selling could ensue.
TOT daily traders are 400% long from an average price of SPX 1202. The SPX is currently just shy of 1209. Raise your stop to an SPX 1202 breakeven. On the upside, if the SPX gets to 1217, something I do not expect today, take your profit. If still long at the close, carry the position overnight and into tomorrow.
Thanks for the opportunity to be of service, and I’ll email you again in 12 hours – or sooner if circumstances warrant.
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