12/04/2009 After Bell Quick Summary

Cobra's Market View Private Messaging System shows:

Theoretically still no direction, the 3rd breakout above the current trading range turned out to be a false one again. Maybe this is not a Rectangle Formation at all, I don’t know. The chart below with 3 false breakout and larger and larger negative divergences, still looks bearish to me.


The bottom line, I still think the market is building a top although looks like in my forum fewer and fewer people agree. I have no idea about next Monday. Statistically it should be very bullish, see green arrows below, almost all Monday were up (huge) but this time the candlestick patterns seem to disagree, at it has 3 reversal bars in a row. I’ll have to check more data in the weekend to get clues about the market direction. Right now the most important thing is to enjoy your weekend!


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