Cobra's Market View Private Messaging System shows:
Bearish reversal day since March mostly led to a further pullback.
|TREND||MOMENTUM||EMOTION||COMMENT - Sample for using the trend table.|
|SPY SETUP||ENTRY DATE||INSTRUCTION||STOP LOSS||Mechanic trading signals for reference only.
Back tested since 2002.
|ST Model||11/30 L||
*Adjust Stop Loss
|Reversal Bar||11/30 L||
|NYMO Sell||*Short tomorrow if Open > Close.||
INTERMEDIATE-TERM: BUILDING A TOP
Maintain the “building a top” forecast. For details please see 11/27/2009 Market Recap.
As mentioned in yesterday’s report, the most recent Investor's Intelligence Sentiment Survey shows the 3rd record low number of bearish newsletters. Today, let’s take a look at the sideline money, although not extremely low but at least not like what people have believed: too much money waiting on the sideline or fund managers are worried about their annual performances.
SHORT-TERM: VERY CLOSE TO A TOP
Blue cycles below, look at what had happened since the March, whenever SPY opened with an up gap then closed in red? Plus the black bar I mentioned yesterday on chart 1.1.3 QQQQ Short-term Trading Signals, so very likely, a little bigger pullback is very close.
About tomorrow, After Bell Quick Summary is bearish, but bulls may have a chance, 3.1.0 PowerShares DB US Dollar Index Bullish Fund (UUP Daily), the black bar could mean that dollar would pullback. Anyway, whether up or down tomorrow is not important as I think sell bounce should be the name of the game now.
INTERESTING CHARTS: NONE