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Wednesday, June 24, 2009

06/24/2009 After Bell Quick Summary

I don’t see much edge for either bulls or bears tomorrow except that statistically the day after FOMC tends to be a down day recently.

FOMC

According to “N vs N” rule, the rebound so far was weak.

NvsN

Here again is the past example of how “N vs N” rule was used to detect a trend changes.

NvsN2008

SPY has 7 unfilled gaps again as we all know that at least recently the SPY seemed to unable to hold the 8th up gap so at least bears should not be too worried about a gap up tomorrow if any.

SPY60min 

The conclusion is that it might be a sell-able bounce especially if we get another gap up tomorrow.

16 comments:

  1. Cobra, thank you for your great work!

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  2. Thanks very much! :)

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  3. Hi Cobra,
    Great work. You are one of the best trader I have seen in the retail crowd.

    Hey, are you on tweeter? Also, I was wondering that you never post any trades. Traders like me would benefit huge if you post trades with your brilliant insight into the market. would love to hear your comments.

    Amanda

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  4. Amanda, thanks, I'm trying to be neutral in my report (well, pretend to be neutral) so I believe I should not reveal my positions...

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  5. Hi Cobra,

    Every time I review your charts I learn something.
    This is after the fact that I have been reading your blog and charts for four years.

    Any advice for losers in the market who don't quit

    San

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  6. Great work! Thanks!

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  7. Cobra,

    Do you use the $TICK data / chart. If yes, how would you best use it?

    Thanks,

    Richard

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  8. San, I think control the loss is the most important thing. Forcast is a reason to act but never a reason to average down or hold on without a stop loss.

    Richard, TICK +/- 1000 readings are useful to measure the market strength. But I never find they're useful in DT.

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  9. Cobra, thanks so much for your reply. Best to you! Richard

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  10. Cobra, future is flying high, anything bears should be concerned of? Thanks.

    ReplyDelete

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