03/10/2009 Market Recap: Firework Trading Setup Triggered

Cobra's Market View Private Messaging System shows:

Very short-term, the market is overbought, so should pullback at least tomorrow morning. Short-term, since the low CPC has triggered a "firework setup", so the market could rise for several consecutive days (may have small red consolidation days in between though), until one day the market opens with a big down gap. Intermediate-term, well, let's wait until the "big down gap day" before making any conclusions, OK?


0.0.4 SPX:CPCE, this is a story for the coming several days (hopefully), CPC < 0.8 plus MACD buy signal, a "firework" was triggered today. The profits were very good in the past. Let's pray it works again this time.


1.0.3 S&P 500 SPDRs (SPY 30 min), 1.0.4 S&P 500 SPDRs (SPY 15 min), TICK and STO are very overbought, so a pullback could be at least tomorrow morning. Usually after a big price bar, there'll be one or several small price bars (consolidation on decreased volume), so my guess is tomorrow we may have a small price bar which has 65% chances of closing in green. Why 65% chances? 7.0.4 Extreme CPC Readings Watch, when CPC < 0.8, 15 out of 23 times recently the next day closed in green.


5.3.1 Financials Select Sector SPDR (XLF 30 min), Financials are very overbought, period.


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