12/15/2008 Market Recap: No Title

Cobra's Market View Private Messaging System shows:

No much to talk about today.  Tomorrow is a Fed day, so no idea what will happen, probably big swings again after 2:15pm.

Let's take a look a few charts.

0.0.2 SPY Short-term Trading Signals.  Today SPX falls right at the lower edge of the rising wedge (or the ascending triangle).  Inside day, maybe the market is waiting too.


1.0.3 S&P 500 SPDRs (SPY 30 min).  Note the level of TICK represented by the blue curves on the top of chart.  At such a level, I have sufficient reasons to doubt how deep it could drop down in any case the market plunged.


3.2.0 CurrencyShares Japanese Yen Trust (FXY Daily).  Japanese Yen is showing the same thing, three black candles in a row which likely causes reversal in normal circumstance.


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