Cobra's Market View Private Messaging System shows:
SHORT-TERM: COULD SEE MORE REBOUND FOR A FEW DAYS BUT 90% CHANCES THE WEEK WILL CLOSE IN RED
Nothing to say today. Maintain what I blah blah in 05/06 Market Outlook that we’ll see a short-term rebound but more sellings thereafter. Trading wise, if no huge up tomorrow, then stay in the bear camp may not be a bad idea.
Two unique things today I’d like your attention. Neither are bull friendly.
ISEE Indices & ETFs Only Index < ISEE Equities Only Index AND ISEE Indices & ETFs Only Index >= 100, sell short at close hold until the very first down day, you’ll have 74% chances since 2006 (when ISEE Indices & ETFs Only Index was introduced). Noticed that winners took 1.8 bars on average so chances are good that we’ll see more rebound tomorrow while the day after tomorrow won’t be pleasant.
OEX Open Interest Ratio rose again. Not good.
INTERMEDIATE-TERM: SPX NOW IN 1352 TO 1381 WAVE 5 PRICE TARGET AREA, WATCH FOR POTENTIAL REVERSAL
See 05/06 Market Outlook for more details.
SEASONALITY: BULLISH MONDAY
According to Stock Trader’s Almanac, Monday after Mother’s Day, Dow up 12 of last 15.
For May seasonality day by day please refer 04/29 Market Outlook.
ACTIVE BULLISH OUTLOOKS:
- 09/27 Market Recap: 9 POMO within 20 trading days means 14%+ up in 3 months.
- 03/11 Market Recap: Bullish in 3 to 6 months.
- 04/21 Market Recap: QQQ weekly Bullish Engulfing is bullish for the next 6 weeks.
ACTIVE BEARISH OUTLOOKS:
- 04/21 Market Recap: SPX will close below 04/20 close soon.
05/04 Market Outlook : At least a short-term top could have been in.
- 05/05 Market Outlook: No –1,000 TICK on almost 1% down day, so 05/05 low will be taken soon.
- 05/06 Market Outlook: Bearish in 2 weeks.
HIGHLIGHTS OF THE OTHER ETFS IN MY PUBLIC CHART LIST: