Cobra's Market View Private Messaging System shows:
OK, those who read my blog long enough should know me, I never pretend that I know this market. I simply share whatever I see because I really like the joy of sharing. Although I have the feeling that we’re making the history but the only thing I can do is still to report what happened in the past and hope that history will repeat itself again this time.
So, is the market bottomed? Well, for sure, I’ll keep adding more bottom signals in tonight’s report, but I want to remind you that the chart below almost guarantees that there’ll be a lower close ahead. So at least no hurry to bottom fish here.
Will we see a rebound tomorrow? Statistically, yes, because 28 out of 41 times, the day after a Major Distribution Day (NYSE Down Volume to NYSE Up Volume Ratio > 9), such as today, was a green day.