12/11/2009 After Bell Quick Summary

Cobra's Market View Private Messaging System shows:

Still within a range so still no direction. However, within the big range, a small Ascending Triangle could be in the forming that has text target right at the previous high so it’s possible the previous new high will be tested the next Monday. It’s not a must however because the COMPQ black bar I mentioned in last night’s report was confirmed today which most likely would lead to a further red close the next day. So the bottom line, I think a short-term top is very close if not already passed.


One trick today, whenever ISEE Indices & ETFs Only Index > 100, 19 out of 27 times (70%), there’ll be a close that is lower than today’s close within 2 days. Also the readings above 124 today was rare, the previous  5 occurrences since the March bottom were: 03/19, 04/13, 05/07, 10/14, 12/07, all had led to a pullback that lasted a day or two.


Enjoy your weekend!

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