THE SHORT-TERM MODEL BELIEVES THE TRND IS DOWN HOLDING BOTH LONG (TRAPPED) AND SHORT OVERNIGHT
The bottom line, I believe the selling isn’t over yet.
The short order wasn’t confirmed today but the Cobra Impulse System would like to try again tomorrow if breakdown below today’s low and close in red. See table below for more details.
December 15, 2011 at 5:59 pm
That is an inverted hammer after various down days that I see on the SPX. Transports nicely higher (they tend to lead). BKX solid (surprisingly for a change). VIX soft, fighting hard to hold support, pushing the lower Bollinger lower, and possibly confirming a new down trend on the ADX (not to mention the momo’s continuing south). Everybody and their brother “knows” that equities and European bonds are in trouble and that the USD is going higher (have you seen the bearish sentiment in the EUR/USD!). And NO-ONE EVEN DARES to talk about the possibiliy of a sustained bull move (the most anyone will venture is a “Santa Clause” rally).
So, ya gonna short the lows in here looking for that Monday collapse?
[…] Impulse System would like to try again tomorrow if breakdown below today’s low and close in red. [Read the Rest] Cobra’s Market ViewA Fun Fact… This day in history… Related posts:07/12/2011 Trading […]
December 15, 2011 at 7:06 pm
thx, ding
December 15, 2011 at 7:24 pm
Highest CPCE today since the Aug low in SPY. Also the highest CPC since the Thanksgiving low.
Overall, the highs are getting lower in CPC. This is a bullish pattern if it continues, at least historically.
December 15, 2011 at 7:41 pm
Update
ES http://99ercharts.blogspot.com/2011/12/es_5628.html
The pattern that shall not be named.
December 15, 2011 at 7:52 pm
VIX closed hollow red bar at bottom. 81% chance tomorrow red.
December 15, 2011 at 8:09 pm
Nearly an evening star formation in UUP. Euro/DX reversed green outside lower Bollinger today as well.
December 15, 2011 at 8:22 pm
Market is almost done with this correction. Maybe one more leg down to test 1200 but we should rally from there.
December 15, 2011 at 9:48 pm
Fitst post here, just want to know how it works. posting image here for testing also, don’t mind my simple RSI they are only slightly below 50, for some it’s a buy? we are weaker than most of us want to believe in most indexes IMO.
December 15, 2011 at 11:06 pm
Thanks. I thought you’re bull those days.
December 15, 2011 at 11:25 pm
LOL I hope I can switch on and off base mainly on TA for a long time to come with fair bias, thank to you, I learned so much from you.
December 16, 2011 at 12:26 am
I’m still trying to understand the Cobra Impulse System. Cobra says that the system doesn’t prescribe exits, but leaves that up to the individual. What I don’t understand is how the exits are determined in the chart and the backtesting we see. In other words, the chart shows that longs are sold and that shorts are covered. I assume that they’re not all examples of stops being triggered. Therefore, my question is how do the statistics of the system (and the exits on the chart) deal with exiting longs and covering shorts?
December 16, 2011 at 1:39 am
Mostly out because of stop loss hit. The lines below and above the each bar is stop loss. There’re very few occasions when a panic bottom was detected, the system out automatically.