This is an 11 am intraday update of Turov on Timing for Wednesday, January 6, 2010.
TOT daily traders went 200% long at SPX 1134 yesterday. The SPX is currently about 1136. Our stop is SPX 1128. Increase your position to 400% long by going an additional 200% long at SPX 1137.50 stop. If the new position is taken, use a sell stop on it at SPX 1128 also. If not stopped out, carry the position overnight and into tomorrow.
The market seems very close to an intermediate term top, but we’re not quite there yet.
Thanks for the opportunity to be of service, and I’ll email you again six hours before the start of tomorrow’s session.
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