Cobra's Market View

Up 2 weeks in a row, 76% chances higher high ahead the next week, so probably still some up rooms.

EARNINGS NEXT WEEK
Monday July 15 before the open: C

Tuesday July 16 before the open: GS, JNJ, JPM, WFC, SCHW
Tuesday July 16 after the close: CSX

Wednesday July 17 before the open: BAC, USB
Wednesday July 17 after the close: IBM, EBAY, NFLX

Thursday July 18 before the open: MS, UNH, UNP
Thursday July 18 after the close: MSFT, ETFC

Friday July 19 before the open: AXP

[source: briefing.com]

From It is what it is department" Bullish and on up trend in all time frame, dips will be bought. ATM Relief rally pull back is at hand once again, Overbought market. For the die hard short term counter trend it's time to look for excuse to sell again in coming week. Last week top signal were only good for couple days, will this week giving us any more than two days of a pull back? the volume is at the lower side for new [*]ATM ATH, not too exciting I'll say... On RSI divergence, I see nothing to call to and this week should be clearer, for educational purpose as we can see in the past major tops, after the clear view of RSI divergence the market will not just died down, always another attempt to push higher. so...bottom line trend following is still a king for all investors, Trade well, Peace!.

***Please Note*** a negative RSI divergence on HH area is more meaningful than on the range bound if we have that in coming week it will be a meaningful one, that is deeper pullback is to be expected.