07/06/2011 Market Outlook (Higher high ahead but may not go too far)


Cobra's Market View Private Messaging System shows:


SHORT-TERM: STILL A LITTLE OVERBOUGHT

Three cents:

  1. Could see higher high as early as tomorrow.
  2. Higher high, if indeed, might not go too far.
  3. The name of the game is still to buy dips.

For 2 reasons, I believe we’ll see a higher high as early as tomorrow:

  • 1.0.1 S&P 500 SPDRs (SPY 15 min), still is Rectangle therefore chances are little bit higher on the upside especially we had a head fake today which usually means the real breakout would be on the opposite side.

SPY15min

INDULeadsMarket

Why higher high if any might not go too far? Because my ultimate weapons for watching overbought conditions, T2122 and NYMO, are still pretty much close to overbought, so any small rise tomorrow would easily make the two go overbought again.

T2122NYMO

INTERMEDIATE-TERM: BULLISH JULY

See 07/01 Market Outlook and 07/05 Market Outlook for more details.

SEASONALITY: BULLISH JULY

See 07/01 Market Outlook for July seasonality chart.

ACTIVE BULLISH OUTLOOKS:

ACTIVE BEARISH OUTLOOKS:

SUMMARY OF SIGNALS FOR MY  PUBLIC CHART LIST: 

  TREND MOMENTUM COMMENT
Long-term 2 of 2 BUY
Intermediate 4 of 5 BUY 5 of 5 NEUTRAL Cobra Impulse in BUY mode; Non-Stop in BUY mode.
Short-term 5 of 6 *NEUTRAL
  TREND COMMENT
QQQ & Weekly UP NAMO overbought.
IWM & Weekly UP
SSEC & Weekly DOWN  
EEM & Weekly UP
XIU & Weekly DOWN 1.5.9 TSE McClellan Oscillator: Overbought.
DAX & Weekly UP
TLT & Weekly DOWN  
UUP & Weekly DOWN
GLD & Weekly DOWN  
USO & Weekly DOWN  
XLE & Weekly UP  
XLF & Weekly UP
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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