Cobra's Market View Private Messaging System shows:
The bottom line, the short-term trend is down. I hold both long (trapped) and short overnight.
Judging by how market closes, I guess we might see some weakness tomorrow morning at least. Statistics, however, favors a little little bit on the bull side as SPY has been down 5 days in a row, buy at today’s close, sell at tomorrow close, you’ll have 67% chances since year 2003. It’s not much edge especially if you have noticed that the drawdown is much bigger than the best gains.
If you consider SPX down 4 consecutive days then rebound 1 day like what happened today, buy at close then sell at close tomorrow, you’ll have only 43% chances since year 2003. So again, not much bull edges here.
Demo account for short-term model, $200 max loss allowed per trade. Mechanical trading signal, for fun only.
|TICKER||Entry Date||Entry Price||Share||Stop Loss||Exit Date||Exit Price||Profit||Comment|
|SDS||04/13/2011||$21.19||300||$20.45||New strategy, always hold.|
|SSO||04/11/2011||$53.16||100||$51.57||Not sure, speculation play.|
|SDS||04/07/2011||$20.71||400||$20.46||04/08/2011||$20.86||60.00||Against trend 1st time, half positioned.|