This is Turov on Timing for Tuesday, May 19, 2009.
The market soared yesterday, primarily on Goldman Sachs’ upgrade of Bank of America. TOT daily traders were on the sidelines for the session as the news-neutral daily model was itself, neutral.
My intuition tells me the market is ready for a selloff over the next week or so, but unfortunately, my models – both S&P and NASDAQ – are neutral, indicating no internal (non-news-related) edge for either bulls or bears. We will stand aside again, awaiting a clear signal.
Thanks for the opportunity to be of service, and I’ll email you again in 24 hours.