Live Update

Wednesday, June 3, 2009

06/03/2009 Market Recap: Semi lags


May rebound at least tomorrow morning.

Semi lags which is not a good sign.

  Trend Momentum Comments - Sample for using the trend table.
Long-term Down   Idea for trading intermediate-term under primary down trend.
Intermediate Up Neutral* Some buy signals still need further confirmation.
Short-term Up Neutral*  

The pullback today so far looks healthy to me. For SPX, as long as 878 holds, any pullback should be considered as healthy. But since the Monday gap wasn’t filled, this should be a headache for bulls as any gap up from now on would be the 8th unfilled gaps on the SPY chart which should be very difficult to hold.

Very short-term is oversold so expect a rebound at least tomorrow morning.

Intermediate-term still on the BUY but as I see the semiconductor sector’s lagging as a bad sign, so still suggest not to heavily bet on the long side.



Reasons for short-term rebound:

1.0.2 S&P 500 SPDRs (SPY 60 min), looks like a retest of the Double Bottom neckline, plus the STO is oversold, so SPY could rebound at least tomorrow morning.


Short-term model from, oversold.



The following charts may need some attentions:

1.1.0 Nasdaq Composite (Daily), SOX gap down forming an Island Reversal pattern which is not a good sign as it lags behind the COMPQ.


AAPL, up 7 days in a row which is rare, it should pullback soon. Since AAPL weights heavily in QQQQ, so the pullback should not be good for QQQQ.


2.8.0 SPX:CPCE, if CPCE keeps rising tomorrow, we’ll get an intermediate-term top signal which was very accurate in the past. (Well, wrong twice recently, but it actually was my fault as I didn’t draw the trend line correctly.)



  1. Thanks Cobra!

    ...Any update on the institutions?

  2. No big changes. I'll post as soon as there're any significant changes.



The information contained on this website and from any communication related to the author’s blog and chartbook is for information purposes only. The chart analysis and the market recap do not hold out as providing any financial, legal, investment, or other advice. In addition, no suggestion or advice is offered regarding the nature, profitability, suitability, sustainability of any particular trading practice or investment strategy. The materials on this website do not constitute offer or advice and you should not rely on the information here to make or refrain from making any decision or take or refrain from taking any action. It is up to the visitors to make their own decisions, or to consult with a registered professional financial advisor.

This websites provides third-party websites for your convenience but the author does not endorse, approve, or certify the information on other websites, nor does the author take responsibility for a part or all materials on the third-party websites which are not maintained by the author.