02/04/2009 Market Recap: Follow-through Wanted

Cobra's Market View Private Messaging System shows:

Bearish Reversal Day today, not good, but in order to confirm the so called "Bearish Dark Cloud Cover" pattern, a follow-through tomorrow is needed. From the daily chart, no lower low yet and CPCE (the brother of CPC which I've been talking recently) has not yet confirmed the top, so bulls still have hopes - at least a rebound tomorrow morning.


0.0.2 SPY Short-term Trading Signals, bearish Dark Cloud Cover, not good, but no lower low yet and the STO above is on the buy side so unless there's a follow-through tomorrow, the drop today may not mean anything.


1.0.4 S&P 500 SPDRs (SPY 15 min), extremely low ChiOsc readings may mean a rebound. My GUESS is because of the Pennant Pattern (plus AH CSCO bad ER), tomorrow may open low but go high. Reason for go high: As I've been saying, the 3rd time is different.  Feb 2, the market opened low went high, so if tomorrow we get a lower open, because it's only the 2nd time, so very likely the market repeats the Feb 2 intra-day pattern - opened low went high.


2.8.0 CBOE Options Equity Put/Call Ratio, trend line still not broken, so top not confirmed today.


3.4.1 United States Oil Fund, LP (USO Daily), I still think the oil is building a base which could bounce at any time. This is good for the overall market.


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