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Tuesday, December 30, 2008

12/30/2008 Market Recap: Time Running Out

Two problems today:

1. Intra-day chart has overbought readings, so market might open lower or pullback in the morning tomorrow.

2. Down 5 days, up 4 days (well, sort of), so according to my "equal up down days" rule, market must up huge tomorrow. This seems a little difficult. Well, because for the past 4 up days, there was a day traded for only half day, so maybe it's OK as long as the high of 1/2/2009 is higher than the high of 12/17/2008. But anyway in order to meet the goal, tomorrow, the market shouldn't drop huge, should it?

 

0.0.0 Signal Watch and Daily Highlights, it's the time to take at least partial profits if you follow short-term signals in this chart. I may not mention this every time in my report, so you have to check this chart everyday.

 

For "equal up down day" rule, please compare the following chart with 8.1.1 Buyable Pullback Rule. The market MUST UP BIG within 2 trading days.

NYADaily BuyablePullbackRule

0.0.2 SPY Short-term Trading Signals, 2 overbought readings.

SPYShortTerm

1.0.3 S&P 500 SPDRs (SPY 30 min), be careful about RSI "Double" overbought.

SPY30min

1.0.4 S&P 500 SPDRs (SPY 15 min), lots of overbought readings, MACD RSI negative divergence (a little though), possible Bearish Rising Wedge.

SPY15min

 

1.4.2 S&P/TSX Composite Index (60 min), 1.4.4 TSE McClellan Oscillator, Canada overbought too.

Posted by Cobra at 9:33 PM

2 comments:

  1. AnonymousDecember 31, 2008 at 5:00 PM

    Thanks for sharing your insights. I'm new to this site and it has been helpful. Any thoughts on dxo ? I'm in below 2.00 and not sure how to play the volatility. Happy New Year

    ReplyDelete
  2. CobraDecember 31, 2008 at 10:21 PM

    A little bit overbought short-term, so at least take a partial profit. I'm not sure if oil will up big in the future. From the chart, oil is testing the resistance, the trend is still down for now.

    ReplyDelete

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