This is a 1:20 intraday update of Turov on Timing for Friday, August 31, 2012.
TOT daily traders came into today’s session 300% long and sold the position at SPX 1408. TOT daily traders then went 500% short at SPX 1407.19. The SPX is currently just under 1403.
By the time today’s session closes, I expect to see the SPX in the 1390’s again. However, since news (not the “olds” that they call “news” but real news!) can always play havoc with probabilities, I want to lower our stop to ½% above our shorted price, or SPX 1414.23. That just “happens” to be about a point above today’s high – a level I do not expect to see again today without strongly positive news.
Furthermore, it’s a certainty that the daily model will be bullish on Tuesday. Therefore, TOT daily traders are advised to cover the short on the close today (if not previously stopped out, God forbid!) and to also go 200% long on the close today, carrying that position over the weekend and into Tuesday.
Have a great weekend, thanks for the opportunity to be of service, and I’ll email you again at 9:00 a.m. Tuesday morning – or sooner if circumstances warrant.
Turov on Timing is Copyright © 2012 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.