Monday, June 22, 2009

06/22/2009 After Bell Quick Summary

Very short-term very oversold, also statistically tomorrow is known as a “Turnaround Tuesday”, so I see very good chances a rebound tomorrow.

An example of how oversold the market is – a short-term model from www.sentimentrader.com.

STEM.MR

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10 comments:

  1. Pivot TrendJune 22, 2009 at 6:07 PM

    Thanks, Cobra! CPCE is not bad today, about 0.71. I think today's action is a still a pullback. Should we buy on dip? Do you think the intermediate downtrend officially start?

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  2. AnonymousJune 22, 2009 at 6:08 PM

    test

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  3. CobraJune 22, 2009 at 6:09 PM

    Buy dip for a very short-term gain is doable, that's all I can say.

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  4. AnonymousJune 22, 2009 at 6:17 PM

    Game plan, if we gap down buy the dip, if we gap up and go toward low 900, short the market.

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  5. CobraJune 22, 2009 at 6:22 PM

    Agree. Statistically, this is the formula for trading the day after a Major Distribution Day which is day. (Most people call it 90% down day)

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  6. AnonymousJune 22, 2009 at 6:33 PM

    CPCE is 0.91

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  7. CobraJune 22, 2009 at 6:41 PM

    No, CPCE readings only correct after 7:30pm ET.

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  8. AnonymousJune 22, 2009 at 7:15 PM

    Do you think it's safe to buy the SPX futures now for a very short term (10 point scalp maybe)?

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  9. CobraJune 22, 2009 at 8:52 PM

    Buy futures for a rebound tomorrow is doable.

    Buy a gap down tomorrow will be much safer.

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  10. Dave NarbyJune 22, 2009 at 11:37 PM

    I did a partial cover today, and am looking to re-short tomorrow.

    GLTA, but especially to those playing the long side... Yikes!

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