I expect an up day tomorrow because CPC closed below 0.8 today which according to the chart below (counting dashed green lines vs dashed red lines), 76% chances a green close tomorrow.
Also a Firework trading setup was triggered. (Note: I’ve modified the setup a little, added CPCE <= 0.56 as an additional exit condition. So the previous “firework still on” conclusion here should be wrong now, but anyway, the result is the same whether you acted on the previous setup and held until now or decide to follow the setup today.)
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thx, ding
ReplyDeleteCobra I read your post everyday and can't thank you enough for all the hard work you put in. I find it really invaluable. I own some AUG SPY 96 lottery puts, only because I believe the top is in already (at least for a little bit).
ReplyDeletehttp://www.screencast.com/users/lostillini/folders/Jing/media/abdb185c-3f6f-467e-bd3d-3b9db49771c1
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good to know.. thanks a bunch!
ReplyDeleteGenX, thanks for the update!
ReplyDelete3x
ReplyDeleteLooks that I should clear out my short positions, Thanks!
ReplyDeleteSo I have just bought back some FAS for an up day tomorrow.
ReplyDeleteCobra,
ReplyDeleteIs it true that dashed red lines are usually in high 0.70's (close to 0.8)?
Thanks.
i'm looking forward to see how this plays out.
ReplyDeletei think it was Joe Terranova (a cnbc fast money trader) http://www.cnbc.com/id/17440009/
who said the institutions would sell at our present fib level..... let's see how long this resistance lasts... it was Joe that said the nasdaq was being stopped by resistance from 2007 high... picture link http://img12.imageshack.us/img12/6310/fibs.png
Jeff, dashed red lines mostly are right at 0.8, some are in between 0.7 and 0.8.
ReplyDeleteAnon at 6:40pm, nice chart, thanks!
ReplyDeleteCobra, CPC and CPCE both suggest a green close most likely tomorrow?
ReplyDeleteCPCE doesn't say anything about tomorrow.
ReplyDeletedropping loads all over the cpc charts..ughhhhhhhhhh!!!!!!!!!!!!
ReplyDeleteCobra, since today CPCE = 0.65 which > 0.56, does it suggest a green close the next day?
ReplyDeleteCPCE shouldn't be used that way. Only <= 0.56 matters. > 0.56 cannot predict the next day.
ReplyDeleteCobra,
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Thanks Cobra.
ReplyDelete