02/04/2010 After Bell Quick Summary

Cobra's Market View Private Messaging System shows:

Tomorrow non farm payrolls day is famous for fading: Gap up on strong data will be sold while gap down on weak data will be bought. See charts below (courtesy of Bespoke Premium).


Plus my trick says 24 out of 35 times (69%) a green day after a Major Distribution Day (NYDNV to NYUPV ration > 9).


Plus ChiOsc on SPY 60 min chart is way too low so at least we’ll see a rebound tomorrow morning.


So the conclusion, gap down tomorrow morning could actually be a good news for bulls. The bottom line, damage was done, the chances are good that there’ll be more sellings ahead.

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