06/30/2011 Market Outlook (The Very First VIX Touch)


Cobra's Market View Private Messaging System shows:


SHORT-TERM: COULD SEE PULLBACK AS EARLY AS TOMORROW

Two cents:

  1. Most likely today’s high is not the high, so accordingly the very first pullback should be a buy.
  2. Either red tomorrow or the short-term top is very close.

Why most likely is today’s high not the high? Still the same reason I mentioned yesterday, a forward accelerating car cannot be stopped without slowing down first. No RSI negative divergence means the car is still accelerating forward.

NoRSIND

Why is red tomorrow or short-term top very close? See chart below, because this is the very first time VIX touched its BB bottom (Yesterday’s touch was a wrong data).

VIXFirstTouch

INTERMEDIATE-TERM: MORE SELLING AHEAD

See 06/24 Market Outlook for more details.

SEASONALITY: BEARISH THURSDAY BULLISH FRIDAY

See 06/24 Market Outlook for more details. Also, see 06/24 Trading Signals for seasonality surrounding the Independence Day.

ACTIVE BULLISH SIGNALS:

  • N/A

ACTIVE BEARISH SIGNALS:

  • N/A

ACTIVE BULLISH OUTLOOKS:

ACTIVE BEARISH OUTLOOKS:

  • N/A

HIGHLIGHTS OF THE OTHER ETFS IN MY PUBLIC CHART LIST: 

  TREND COMMENT
SPY & Weekly DOWN  
QQQ & Weekly DOWN *NAMO and NAADV MA(10) overbought.
IWM & Weekly DOWN
SSEC & Weekly DOWN 2 huge consecutive up days usually mean SSEC was bottomed. 
EEM & Weekly DOWN
XIU & Weekly DOWN Double Top, target $17.69.
DAX & Weekly DOWN
TLT & Weekly UP  
UUP & Weekly UP *Double Top, target $20.86.
GLD & Weekly UP Double Top, target $142.52. 
USO & Weekly DOWN  
XLE & Weekly DOWN  
XLF & Weekly DOWN Bear Flag? 
IYR & Weekly DOWN  
XLB & Weekly DOWN  
  • * = 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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