SHORT-TERM MODEL THINKS THE TREND IS UNCONFIRMED UP, HOLDING SHORT POSITION OVERNIGHT
The bottom line, the later day rally is always suspicious, so bull or bear tomorrow is difficult to say, but on a little bit big picture, there’re chances the low was in for at least short-term. I’ll as usual present my witness in tonight’s report.
As I mentioned in the intraday comment (a little late, but still better than not mentioning, sorry I forgot to say it this morning as the open almost determined high chances the system would cover everything today), Cobra Impulse System had covered its short position and goes into dip buying mode in which it’d place a GTC limit buy 15 cents (for SPY) above today’s low. Such a dip buying setup had 12 out of 13 wins for the last 2,000 trading days. Click “Cobra Impulse System” to see the back test screenshot for “buying panic low” as trading against trend is always dangerous so I won’t bother to discuss here. And yes, the new web site you see is the future Cobra's Market View.
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