Cobra's Market View Private Messaging System shows:
The bottom line the short-term trend is down, no yet confirmed by QQQQ though so I did nothing today.
As I said in yesterday’s After Bell Quick Summary, a strong uptrend should never have 3 consecutive down days. Too bad, we get it today, that’s a bad sign although it doesn’t mean the market will from now on drop like stone but since I’ve been blah blah for lots of bad signs so better be careful here.
I don’t see any tricks for tomorrow and the support is still not violated so officially I still can not declare bulls are dead. Let’s wait and see. Again, any good/bad signs can be confirmed and confirmed and confirmed, there’s no end of confirmation, but trading wise, you have to take actions at certain risk level as soon as you feel the confirmation is enough. There’s no way for me to fit all different risk levels therefore please don’t expect me to say one day, hey, you should short here or long here. That’s the nature of my report and I think I’ve been providing enough info for you to take actions. So please don’t laugh if it seems that I sometimes keep saying let’s wait and see… LOL