11/17/2008 Market Recap: No Title

Cobra's Market View Private Messaging System shows:

Not so much to talk about today, we may just take a look at a few charts.  I think the market may have a chance to bounce back in the short term, and it may be too late to short or exit long positions.

NYSE - Issues Advancing.  It is oversold, and the worst scenario mentioned in the weekend was delay of three days in October.  Today is day one, let's see how long it will delay this time.


2.0.0 Volatility Index (Daily).  As some readers pointed out, VIX closed with a black candle which has a high probability of reversal,  Look at those places marked by green arrows, VIX might drop down.  Especially when the rising wedge is broken, it will be a good news to the stock market.


2.4.6 NYSE Volume Advancing.  On the chart every time after the positive divergence, a decent rally happened, and no exception so far.


Now SPY and TLT (bond) are almost mirrored trend.  TLT has formed two consecutive Doji (the cross), and might reverse.  This means SPY might bounce back up.  In addition, SPY formed a shooting star which also has the odd of reversal.


0.0.0 Signal Watch and Daily Highlights.  Here is the overview of all signals.  Today we have one more mid-term sell signal, which is the most important one -- NYSI.


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