10/23/2009 After Bell Quick Summary

Cobra's Market View Private Messaging System shows:

OK, reversal of the previous reversal of the previous reversal, this is exactly what I talked in yesterday’s After Bell Quick Summary. Beware of a potential trend change.

In case you’re too bullish or too bearish, let’s take a quick look at the ES (SPX mini futures). The thick blue line is the major support I’ve been watching. And apparently bulls and bears are fighting alone the line making a bloody battle field bounded by lines a little above and a little below which I call black hole that sucks everything nearby. Until this hole is cleared the direction is still unknown. So let’s wait for the next Monday. The bottom line, I still believe there’ll be a further pullback, just I don’t know if we’ll see yet another reversal that reverses today’s reversal of the previous reversal of the previous reversal. Enjoy your weekend!

ES 12-09  10_23_2009 (60 Min)

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