Cobra's Market View Private Messaging System shows:
THE SHORT-TERM TREND IS DOWN, I HOLD PARTIAL SHORT POSITION OVER THE WEEKEND
Temporarily bearish for the next week for 2 reasons:
- The statistics mentioned in 06/03 Market Outlook, weekly IWM Bearish Engulfing and SPX down 5 consecutive weeks means unpleasant the next week.
- According to Stock Trader’s Almanac, week after June Triple Witching, Dow down 11 in a row and 18 of last 20, average loss since 1990, 1.2%.
On a little bit shorter term, SPX went exactly as I planed last night, the question now is: Are we going to have a lower low or the pullback was over? Well, I don’t know, need dig more, although the feeling is more on the downside.
One more thing: Seasonality is bearish for the next Monday.
The last but not the least: Enjoy your weekend!
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||06/14 High|
DEMO ACCOUNT FOR SHORT-TERM MODEL: