Cobra's Market View

Not a good looking bull bar - the body is too small and as I mentioned yesterday, the long shadow doesn't count, only body matters (remember yesterday I counted the long upper shadow as bearish so guess more down, well, it proved I was wrong today, no from now on, I won't count shadows). However, the Non Farm Payroll days seem mostly up recently so maybe up tomorrow?

Let's keep our eyes on Corporate bonds. Considering the state of sovereign deficits, Inv.Grade Corps are probably the safest bonds around. In simple TA terms, note how LQD tested its (upsloping) 200day SMA twice in April, and now has closed above the 20day. Next target the (downslope) 50day SMA?

Summer is when stocks are seasonally weak and bonds are seasonally strong.

DISCLAIMER:

The trading log above is meant for myself only which main purpose is to help improving my market sense.

• My blah blah about how the market would go in the next dozens of minutes everyday in this forum, is a way to force me to focus on the market, because by speaking loud, if the prediction is wrong, I'd be embarrassed, which of course I'd like to avoid as much as possible.

• Day trading is not my strongest point. Just for the same pattern, it can repeat frequently on the 5 min chart while on daily chart it may take months to appear once and another month to know whether the idea of trading such a pattern is right or wrong THIS time, so practicing on the 5 min chart is a fastest way to learn to trade.

• Day trading inevitably would have good days and bad days, it's a part of the game. If I always have good days, it means I'm either lying or already the richest person in the world (then why I'm still trading?), so please don't blame me for making any bad calls. The log is for myself only, not meant to be followed.