Cobra's Market View Private Messaging System shows:
THE SHORT-TERM TREND IS DOWN, I HOLD PARTIAL SHORT POSITION OVER THE WEEKEND
Seasonality is bearish biased toward the next Monday as according to Stock Trader’s Almanac, Monday of Triple Witching Week, Dow down 8 of last 13. Also from the chart below, we can see clearly all the recent Mondays were mostly in red (remember the rule about Monday tends to be either constantly green or red for a certain period?). On a little bit longer term than the next Monday, if you’ve read my 06/09 Market Outlook, then you’d know a red day today means 9 out of 11 times more immediate selling ahead (no necessarily means a red Monday though). So pretty much no good news for bulls yet.
Those who follow Cobra Impulse System, now it’s time to adjust your stop loss. Hold short position overnight is far more dangerous than holding long position as a single day rebound would eat up all your profits within a few minutes.
Enjoy your weekend! P.S. I’d chainsaw dead tree-S, replace dead goldfish-ES and patch dead lawn (no s this time, that’s comforting finally) this weekend, still pretty much unable to find excuses to use my newly bought portable BBQ…
MECHANICAL TRADING SIGNALS:
|Long-term||2 of 2 BUY|
|Intermediate||5 of 5 SELL||5 of 5 NEUTRAL||Cobra Impulse in SELL mode; Non-Stop in SELL mode.|
|Short-term||6 of 6 NEUTRAL|
|SPY SYSTEM||ENTRY||STOP LOSS||INSTRUCTION: back test is HERE, signals are HERE.|
|Non-Stop||05/10 S||N/A||Short is for aggressive traders only.|
|Cobra Impulse||06/01 S||*06/07 High||*Adjust stop loss.|
DEMO ACCOUNT FOR SHORT-TERM MODEL: