Cobra's Market View Private Messaging System shows:
OK, any bulls left daring to buy this dip? Well, I have plenty of EXCUSES to call a green day tomorrow, may not green much though.
1. The day after a Major Distribution Day (NYSE Down Volume : Up Volume > 9) is more likely a green day.
2. FOMC tomorrow which also is likely a green day.
3. The last 3rd trading day of a month is amazingly always green although the last 2 days are not so bull friendly.
4. Statistics show whenever VIX surges more than 20%, the next day is more likely a green day.
The bottom line, see 04/16 Market Recap, ever since the March 2009 rally, almost all Major Distribution Day meant a bottom except the June 2009. So we’ll have to wait until tomorrow to get more clues about whether the market was bottomed today (or very close) or this is going to be a June 2009 kind of sell off.