This is Turov on Timing for Tuesday, October 20, 2009.
A tough day yesterday for us as the SPX advanced 10.23 points to close at 1097.91. TOT daily traders were 300% short for the session.
Our stop is at SPX 1101 and with the superb earnings from Apple Computer after the close yesterday, I’d be surprised if we weren’t stopped out on the opening today. However, if the market weakens enough prior to the opening that we’re not stopped out, then that would be a solidly bearish sign for the balance of the day.
In any event, maintain the SPX 1101 stop, and if, amazingly, we’re not stopped out, carry the position overnight and into tomorrow.
Thanks for the opportunity to be of service, and I’ll email you again in 24 hours.
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.