08/30/2010 After Bell Quick Summary

Cobra's Market View Private Messaging System shows:

The bottom line, the short-term trend is down and I hold no position overnight.

One trick for tomorrow, when NYSE Down Volume : NYSE Up Volume >= 9 (Major Distribution Day), 32 out 50 times (64%) a green day the next. Noticed that the trick didn’t work well recently, so be careful.


I searched as far as to year 2000, there wasn’t a case like we have now – A Major Accumulation Day (NYSE Up Volume : NYSE Down Volume >= 9) followed by a Major Distribution Day (NYSE Down Volume : NYSE Up Volume >= 9) back to back. So apparently we’re now in no man’s land. The consequences? Well, I wish I could know. The only thing I’m sure is tomorrow will be a key day as bulls need a green day to avoid a bad sign that worked 8 out of 8 times recently. I’ll talk about this in tonight’s report.

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