Cobra's Market View Private Messaging System shows:
OK, my face is a little hurt today (slapped by the market AGAIN) because the SPX finally closed 0.73 point higher, hmm, hey, Nasdaq did close in red, well, no excuse, wrong is wrong, even SPX closed 0.73 point lower, it’s still far less than I’d expected. But just take a second look at my CPCE chart, what had happened last time it went wrong? So I’d risk my face again for next Monday, after all, my face has been hurt a lot ever since I started this blog, so it already gets so used to it… LOL
Here’s another reason that we might see a red Monday: Both VIX and SPX were green today, by counting red vertical lines below, 9 of 12 times, the next day was closed in red. Plus several other reliable overbought signals which I’ll talk in the weekend report…
Take a look at the intraday VIX, all of sudden it rose a lot, got to be something happened. If I remember correctly, this kind of sudden rise or fall has been a very reliable leading indicator recently.
One question for you which I don’t have any answers: Why did TLT rise this much recently? Since most people now believe we’ll see SPX 1200 pretty soon, why bother buying bond which may go sharply lower if SPX does go to 1200?
Have a nice weekend!