This is a 3:15 update of Turov on Timing for Thursday, August 30, 2012.
TOT daily traders went 300% long at SPX 1410 yesterday. The SPX is currently about 1402 (up from 1397), having fallen sharply on the opening after a muted reading on the U.S. labor market and weak European sentiment data. The odds favor a modest continuation of the rebound today and in the very early going tomorrow, but with a much muddier outlook later in tomorrow’s session (about which I’ll discuss in further detail in a few hours). For now, hold the position and maintain the 1% stop at SPX 1395.90. If not stopped out, carry the position overnight and into tomorrow. I’m certain we will close out the position early tomorrow morning.
Thanks for the opportunity to be of service, and I’ll update again in about ten hours.
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