Cobra's Market View Private Messaging System shows:
SHORT-TERM MODEL BELIEVES THE TREND IS DOWN, HODING BOTH LONG (TRAPPED) AND SHORT OVERNIGHT
The bottom line, if you paid attention to the NYADV chart I showed you last night, then today’s rebound was expected, so the key is tomorrow: Are bulls able to follow through or bears coming back with renewed energy. I’m not impressed by today’s rebound but I’m neutral now and in wait and see mode.
In case you’ve noticed that we had SPY up 0.9%+ while QQQ closed in red today, which is abnormal. Buy at close today and sell at tomorrow close, since the last 2,000 trading days, it’s a little little bearish biased, not a big deal, but the drawdown and the losses in the failed cases were huge, up to 4%+ losses in a single day, so worth a little attention here.
The short-term model did nothing today, so to save a little bit server spaces, I’d rather not post the chart here. See you tonight, then.