02/10/2010 Market Recap: No Title


Cobra's Market View Private Messaging System shows:


  TREND INDICATOR MOMENTUM INDICATOR COMMENT (Click link to see chart)
Long-term 3 of 3 are BUY    
Intermediate 3 of 3 are SELL 6 of 6 are NEUTRAL SPY ST Model is in SELL mode
Short-term 1 of 1 are SELL 9 of 9 are NEUTRAL  
BULLISH 6.3.2c Major Distribution Day Watch: Bottom is close?
0.0.9 Extreme Put Call Ratio Watch: Bottom is close?
BEARISH 6.3.0 Major Accumulation/Distribution Days: Another Major Distribution Day ahead?
6.4.A SPY Bottom Shape: Could be another leg down to test the low.
CONCLUSION
SPY SETUP ENTRY DATE STOP LOSS INSTRUCTION: Mechanic signals, back test is HERE, signals are HERE.
TRADING VEHICLE:
SSO/SDS, UPRO/SPXU
ST Model 02/04 S *breakeven *Adjust stop loss.
Reversal Bar      
NYMO Sell      
VIX MA ENV      
OTHER ETFs TREND COMMENT – *New update. Click BLUE to see chart if link is not provided.
QQQQ   *Black bar, so a top is close?
IWM    
CHINA Down Double Top confirmed.
EMERGING Down
CANADA Double Top, target $15.77.
FINANCIALS Down Could be a confirmed Head and Shoulders Top.
REITS   Measured Move, target $41.54.
MATERIALS  
ENERGY Down Confirmed Double Top.
OIL   Could be a Double Top in the forming.
GOLD Down Descending Triangle, target $91.08.
DOLLAR UP Head and Shoulders Bottom, target $24.28.
BOND  

INTERMEDIATE-TERM: INITIAL PULLBACK TARGET MET BUT COULD BE MORE

No update, see 02/05/2010 Market Recap, Fib 38.2% retracement target was met, but I suspect there’s more. There’s a chance that after the pullback is over, we’ll see a new high followed by a bigger pullback thereafter.

SHORT-TERM: STILL THINK THERE’S ONE MORE DOWN LEG TO TEST THE PREVIOUS LOW  

Again let’s take a look at 6.4.A SPY Bottom Shape. Does it look like a bottom? I don’t think so, so still there could be at least one drop to test the previous low. Maybe any low that is lower than the Monday’s low is enough.

SPYBottomShape 

Nothing else to say, no conclusion, the market can go either direction at the current stage, so don’t heavily bet on either side. As mentioned in today’s After Bell Quick Summary, lots of daily charts don’t look good. Let’s take a quick look at some of them since I really have nothing new to say today.

0.0.5 QQQQ Short-term Trading Signals, at least it’s not the Nov type of black bar so this could mean a top is very close.

QQQQShortTerm

0.0.2 SPY Short-term Trading Signals, tried 3 times, still couldn’t close the deal, the 2 reversal like Doji bars sure not looking good.

SPYShortTerm

3.4.1 Energy Select Sector SPDR (XLE Daily), Shooting Star and Hammer, 2 reversal bars in a row, not looking good either.

XLEDaily

3.4.2 Financials Select Sector SPDR (XLF Daily), looks like a back test of the neckline of a Complex Head and Shoulders Top.  

 XLFDaily

STOCK SCREENER:  For fun only, I may not actually trade the screeners. Since SPY ST Model is in SELL mode, only SHORT candidates are listed. For back test details as well as how to confirm the entry and set stop loss please read HERE. Please make sure you understand the basic risk management HERE.

Today’s screener has 0 stock found.

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