08/05/2009 Market Recap: CPCE a little too low again


Summary:

Could be a down day tomorrow.

  Trend Momentum Comments - Sample for using the trend table.
Long-term Down    
Intermediate Up Overbought  
Short-term Up Neutral  

As mentioned in the After Bell Quick Summary, because CPCE < 0.56, so it’s likely that we’ll have a red close tomorrow. Below is the correct chart after the CPCE data was fixed.

CPCE

1.0.3 S&P 500 SPDRs (SPY 30 min), looks like a “kiss channel goodbye”, also a new Bearish Rising Wedge could be in the forming plus lots of negative divergences, so it looks bearish to me.

SPY30min

3.1.2 PowerShares DB US Dollar Index Bullish Fund (UUP 30 min), lots of positive divergences therefore US$ could rebound which usually means a pullback in the stock market.

UUP30min

Some sentiment signals are now at “too bullish” position, because of copyright protection I cannot list them here. The chart below is from www.sentimentrader.com, which we can see that dump money is way too bullish now. From the longer history chart “below below”, the current readings might not high enough though.

DumbSmart

DumbSmartLong

8 Comments on "08/05/2009 Market Recap: CPCE a little too low again"
  1. Comment left on:
    August 5, 2009 at 10:55 pm
    Trader Kirk says:
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    August 5, 2009 at 10:56 pm
    Trader Kirk says:
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    August 6, 2009 at 6:30 am
    Jim says:
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    August 6, 2009 at 10:28 am
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    August 6, 2009 at 10:29 am
    Cobra says:
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    August 6, 2009 at 3:43 pm
    Jim says:
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    August 6, 2009 at 5:45 pm
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    August 7, 2009 at 1:33 pm
    Eric says:
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