05/12/2011 Market Outlook (Bullish Reversal Day)


Cobra's Market View Private Messaging System shows:


SHORT-TERM: IN WAIT AND SEE MODE, THE LOW COULD HAVE BEEN IN THOUGH

The bottom signal given by 0.2.1 10Y T-Bill Yield mentioned yesterday may be right again this time. Although from the strong rebound of the Dollar as well as the near all time high OEX Open Interest Ratio, it’s very hard to image that the low was in. But since the price pattern has the highest priority so will have to temporarily pretend to be a bull (whether I believe or not). Unless tomorrow down sharply again to form a so called reversal of reversal of reversal pattern which is commonly seen on an important top.

An Ascending Triangle or Rectangle could be in the forming on QQQ chart so chances of continuing high are very good.

QQQ60min

And the Bullish Reversal Bar formed on SPY daily chart today looks bullish too. Ever since the March 2009, there’s only one case that we’d see a lower low tomorrow. So I wouldn’t hope for a reversal of reversal of reversal tomorrow.

BullishReversalDay

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:

ACTIVE BEARISH OUTLOOKS:

HIGHLIGHTS OF THE OTHER ETFS IN MY PUBLIC CHART LIST: 

  TREND COMMENT
QQQ & Weekly UP *Ascending Triangle or Rectangle, looks bullish.
IWM & Weekly UP  
SSEC & Weekly DOWN  
EEM & Weekly UP  
XIU & Weekly DOWN  
TLT & Weekly UP  
FXE & Weekly UP  
GLD & Weekly UP  
GDX & Weekly DOWN  
USO & Weekly DOWN  
XLE & Weekly DOWN  
XLF & Weekly DOWN  
IYR & Weekly UP  
XLB & Weekly UP  
  • * = New update; Blue Text = Link to a chart in my public chart list.
  • UP = Intermediate-term uptrend. Set when weekly buy signal is triggered.
  • DOWN = Intermediate-term downtrend. Set when weekly sell signal is triggered.
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