Cobra's Market View Private Messaging System shows:
OK, I guess still nobody believes overbought so let’s just talk about “unique behaviors” only.
CPC < 0.8 again, so 78% chances a green close Monday and yes the “firework” is still on.
Also we have both VIX and SPX closed in red today, so 8 out of 11 times recently the next day closed in green. Well, we had lots of discussion about when both VIX and SPX closed in red last week here (see comments area). My way is just to emphasize the most recent behaviors.
So bears are hopeless? Well, there’s a slight chance here: CPCE < 0.56 which usually means an unpleasant day next day. I cannot show you the chart now as the CPCE char from www.stockcharts.com simply doesn’t show correct readings until 7:30pm ET and this has been the problem for long long time. The 0.56 was calculated manually from the data obtained here: http://www.cboe.com/data/IntraDayVol.aspx, 1378170 / 2441639 = 0.5644.
Personally, I still need to see the pullback to convince me that indeed a new high is ahead, so whether we’re having green or red Monday doesn’t matter. You have long, after 5 days almost 90 degree rises, you should’ve locked some profits now and if you don’t have long or unfortunately having short, at this stage, nothing you can do but wait.