This is a special intraday update of Turov on Timing for Tuesday January 23, 2001, 3pm Eastern time.
On today’s regular hotline, I said, “It’s starting to look more probable that this still-young bear market is ready for a rally.” Candidly, I did not expect it to begin before tomorrow, but it clearly has come a day early. All the evidence is that it’s for real, and that the market should be able to continue to advance, albeit perhaps with a little retrenchment first.
TOT daily traders are currently flat. I recommend going 400% long on any pullback to SPX 1353, with a protective sell stop at SPX 1340. If not stopped out, carry your position overnight and into tomorrow.
Furthermore, both the long and short term models are almost certain to uptick to bullish as of tonight’s close, and mutual fund switchers might want to consider action prior to today’s close.
Thanks for calling, and I’ll speak with you again in more detail in 12 hours.