07/28/2011 Market Outlook (Almost oversold enough for a good bounce)


Cobra's Market View Private Messaging System shows:


SHORT-TERM: ALMOST OVERSOLD ENOUGH FOR A GOOD BOUNCE

For Intermediate-term, I prefer to wait one more day to make my next call. For now it doesn’t look good though, especially Cobra Impulse System is in sell mode now (see today’s Trading Signals for details), while, as explained yesterday, Non-Stop is almost in sell mode, so officially to me the intermediate-term trend is down.

For short-term, as mentioned in today’s Trading Signals, underwater bulls better wait for a few days before panic because my two ultimate weapons for watching oversold, T2122 and NYMO, are now very close to oversold, so chances are any losing ground from now on would be recovered eventually.

T2122NYMO

INTERMEDIATE-TERM: BULLISH JULY

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

SEASONALITY: BEARISH FRIDAY BUT BULLISH WHOLE WEEK

See 07/22 Market Outlook for more details.

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 3 of 5 SELL 5 of 5 NEUTRAL Cobra Impulse in *SELL mode; Non-Stop in BUY mode.
Short-term UP 3 of 6 OVERSOLD
  TREND COMMENT
QQQ & Weekly UP NAMO oversold.
IWM & Weekly UP Beware of 1-2-3 Trend Change.
SSEC & Weekly UP Big red bar usually means a start of downtrend, so be careful here. 
EEM & Weekly UP  
XIU & Weekly UP Beware of 1-2-3 Trend Change.
DAX & Weekly UP  
TLT & Weekly DOWN  
UUP & Weekly DOWN
GLD & Weekly UP  
USO & Weekly UP  
XLE & Weekly UP  
XLF & Weekly DOWN
IYR & Weekly UP 4.4.3 Real Estate iShares (IYR Weekly): XHB lags, be careful.
XLB & Weekly UP Beware of 1-2-3 Trend Change.
  • * = 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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