07/13/2011 Market Outlook (No Title)


Cobra's Market View Private Messaging System shows:


SHORT-TERM: IN WAIT AND SEE MODE

Nothing to say today, I have no idea what the market is doing (well, may be it’s because of this uncertainty that scares buyers away?). The chart pattern looks still missing one more push up especially the ChiOsc is a little too low, but the Global ES looks like the 2 legged up has completed, plus it’s selling off in AH, so for now it does look like the call for a lower close mentioned in 07/12 Market Outlook would be fulfilled tomorrow. A little bigger picture, officially, the short-term is in confirmed downtrend but for intermediate-term, Cobra Impulse System still maintains uptrend with no position though. And by the way, the seasonality on Friday is bearish and if indeed this OE week closes eventually in red then more likely we’ll see at least a lower low the next week. All in all, the situation doesn’t look very bull friendly now.

SPY60min

GlobalES

INTERMEDIATE-TERM: BULLISH JULY

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

SEASONALITY: BULLISH MONDAY BEARISH FRIDAY, BEARISH JULY EXPIRATION WEEK

According to Stock Trader’s Almanac:

  1. Monday before July expiration, Dow up 6 of last 7.
  2. July expiration day, Dow down 6 of last 10, off 390 points (4.6%) in 2002.

Also 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 5 of 5 BUY 5 of 5 NEUTRAL Cobra Impulse in BUY mode; Non-Stop in BUY mode.
Short-term DOWN 6 of 6 NEUTRAL
  TREND COMMENT
QQQ & Weekly UP  
IWM & Weekly UP  
SSEC & Weekly UP  
EEM & Weekly UP
XIU & Weekly DOWN *TOADV MA(10) too high.
DAX & Weekly UP  
TLT & Weekly DOWN  
UUP & Weekly DOWN
GLD & Weekly UP Symmetrical Triangle?
USO & Weekly UP  
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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