Cobra's Market View Private Messaging System shows:
A little little little little bearish toward the next Monday because NYMO is way overbought now. Short at today’s close and cover at Monday’s close since year 2000, although you get only 63% chances but the gain to loss ratio is 8.1 which is astonishingly good.
The bottom line, the trend is up so I’ll maintain the price and time target discussed in the last night’s report. A huge huge bull has already kicked in? Well, I sure hope so, no matter it’s based on reality or lie, I have no problem for SPX to go 3,000 so that I could retire earlier instead of writing this blog every day. But for now, let’s just take one step each time. The short-term is up, yes, I’ve been riding this trend up (don’t you see SPY ST Model?). How far can it go? No idea. Are we going to see a 2nd leg down? Yes, I still think so. Could I be wrong? Sure, of course. Are you guys going to have a very nice weekend? Yes, I think so!