This is Turov on Timing for Wednesday, August 10, 2011.
The SPX advanced 62.87 points yesterday to close at 1172.53 as an immediate response to the Bernanke announcement. TOT daily traders were on the sidelines for the session, and we are currently flat.
The Intermediate Term Model has finally downticked from bullish to bearish.
The daily model is also bearish today, but overnight futures are off sharply right now, and I do not want to sell into that selling, considering how mercurial this news-driven market has proven itself to be. Continue to stand aside.
Thanks for the opportunity to be of service, and I’ll email you again six hours before the start of tomorrow’s session – or sooner if circumstances warrant.
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