Cobra's Market View Private Messaging System shows:
The bottom line, as mentioned in the last night report, the previous high is the key to watch. We did break above the previous high today but unfortunately it’s not decisive enough so guess we’ll have to wait for the next Monday. I have more detailed evil plan of course but I’ll leave it to the weekend’s report. Basically, I think another higher high is likely. It’s not important anyway because right now the most important thing is to enjoy your weekend!
A little bearish biased toward the next Monday because both VIX and SPX were up today.
Cobra Impulse System will try to add into the current long position the next Monday should SPY break above today’s high. So set SSO buy stop at $55.22, stop loss around $53.40. I’m not sure if it’s a good idea though especially if you still hold all the pyramided positions.
- A little attention to the chart below, now we finally have the roughly annual return so that you can compare with the old version of Cobra Impulse System, which was 17.1% for long and 14.12% for short, now is 25.30% for long, 16.46% for short and most importantly, I’m still working on the system, should be better later.
THE SHORT-TERM MODEL BELIEVES THE TREND IS UP, HOLDING NO POSITION OVER THE WEEKEND:
THE INTERMEDIATE-TERM MODEL BELIEVES THE TREND IS UP: