This is Turov on Timing for Friday, October 23, 2009.
The SPX advanced 11.51 points yesterday to close at 1092.91. All of the gains occurred in the afternoon. The lack of a late day selloff is encouraging.
The SPX-based daily model is neutral for the day, but my NASDAQ model is very strong for the morning (and neutral for the afternoon). All Program B and D clients went long the NASDAQ 100 2x fund on the close yesterday and will be going into the money market fund at 10:45 this morning.
I’d like to recommend to TOT subscribers that they go long for the morning period, but the excellent Amazon numbers after the close yesterday has pushed futures to a considerable premium over fair value. So as not to pay too much, I recommend going 300% long at SPX 1093 stop; 1094 limit. If you go long, use a tight 5 point stop on the position. If not stopped out prior to 10:45, sell the position at that time at the market. Go into the weekend flat.
Enjoy the weekend, thanks for the opportunity to be of service, and I’ll email you again six hours before the start of Monday’s session – or sooner if circumstances warrant.
Turov on Timing is Copyright © 2009 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.