09/02/2009 After Bell Quick Summary

Cobra's Market View Private Messaging System shows:

Today’s trick is that both SPX and VIX were closed in red which by counting green vertical lines below, 10 out 14 times recently a green close the next day.


Also the Major Distribution Day chart I mentioned in the last After Bell Quick Summary, unfortunately we fell into the group of smaller chances - the 9 cases a red close the next day(see dashed vertical red lines). If you observe those 9 cases carefully, you’ll find that most likely there were more days of declines ahead, even though there were 4 cases the market rebounded the next day (well, 4 out of 9 is not a good odd to bet on a green close tomorrow).


Bottom line, I’m not sure about tomorrow, and odds are that more declines are ahead at least short-term, even if we do have a rebound tomorrow.

© 2013 Cobra's Market View — All Rights Reserved.