12/02/2009 Market Recap: QQQQ Black Bar


Cobra's Market View Private Messaging System shows:


Summary:

QQQQ black bar could mean a gap down open tomorrow and the market is very close to a short-term top.

  TREND MOMENTUM EMOTION COMMENT - Sample for using the trend table.
Long-term Up   Disbelieve  
Intermediate Down Neutral  
Short-term Up Neutral    
SPY SETUP ENTRY DATE INSTRUCTION STOP LOSS Mechanic trading signals for reference only.
Back tested since 2002.
ST Model 11/30 L

 

Breakeven

 

Reversal Bar 11/30 L

 

Breakeven

 

NYMO Sell

 

VIX ENV        
Patterns ect.         

INTERMEDIATE-TERM: BUILDING A TOP

Maintain the “building a top” forecast. For details please see 11/27/2009 Market Recap.

I believe now everyone knows this: The most recent Investor's Intelligence Sentiment Survey shows that the number of bearish newsletters has dropped to its 3rd record low. The last 2 record low was in year 2003, market went nowhere for awhile thereafter.

IIBearish

SHORT-TERM: GAP DOWN OPEN TOMORROW?

1.1.3 QQQQ Short-term Trading Signals, I think everyone should know this now as I’ve been saying this for so many times: black bar means a gap down open tomorrow and a short-term top is not far away.

QQQQShortTerm

INTERESTING CHARTS:

No idea about tomorrow. Two speculation charts arguing for a bearish tomorrow. For fun only as I really have nothing to say today.

Whenever Russell 2000 outperformed, especially if it outperformed for 2 days in a row, the market was topped. Also I found that all big pullbacks recently were on Thursday. And tomorrow is Thursday, !#$$#^*%^&*.

RUTLead

When both UUP and GLD closed in green recently, the market was topped too.

GLDUUPWatch

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