This is an 11:00 a.m. intraday update of Turov on Timing for Friday, November 2, 2012.
I hadn’t expected to communicate with you again during today’s trading session, but the market’s swift and sharp decline from the highs this morning will offer a trading opportunity if the decline continues a little more.
TOT daily traders went 200% long at SPX 1414 yesterday and took profits at 9:49 a.m. this morning at SPX 1430, after the SPX declined from 1434 shortly after the opening. The SPX is now about 10 points below its high, and the magnitude of its decline brings it close to a favorable re-purchase area.
TOT daily traders are advised to go 200% long again at SPX 1421 limit. If you go long, use a stop at SPX 1412.
If still long as we approach the close, I’ll update at 3:50.
Thanks for the opportunity to be of service. The next update will be either at 3:50 (or sooner if circumstances warrant) or (if we’re not long at 3:50), six hours before the start of Monday’s trading session.
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.