Blog Post: Day 5 of $QQQ short term down-trend; $XOM stands out as a climbing rocket, see daily chart and details.

@ 10:48 pm
GMI4/6
GMI-23/9
T210863%

It is possible to find some new leaders to trade. But with most of the former leaders weakening, it is best for me to be mainly in cash. For me, a rising launched rocket is one that climbs continually above its rising 5 day EMA. I use TC2000 to find stocks that have had a GLB,  are hitting all-time highs, and that are finding support at  their rising 5 day EMA. When the market straightens out I will show some of these scans and how I trade them. There is a tab on this blog with a discount coupon for TC2000.

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Very strange readings: GMI=4 but GMI2=1, see Table! Stocks not in QQQ are doing well but tech growth stocks are weaker. $QQQ had a Blue Dot of Happiness oversold bounce on Friday. Such divergence before. Time will tell how this will be resolved.

@ 12:15 pm
GMI2/6
GMI-21/9
T210860%

It is possible that the prior winners have gone to extremes and that other stocks are having their day before the entire market drops?  Best for me to own little, have close stops and wait for Mr. Market to reveal his intentions. The gold and silver and mineral stocks are bouncing from oversold. Will they retake their ATHs? Note the Blue Dot of Happiness, oversold bounce, on Friday on QQQ. Resistance is at the 2.15 upper Bollinger Band.

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Blog Post: Day 1 of $QQQ short term down-trend, BUT 436 new US highs and 112 ATHs; While $SPY and $QQQ weaken, the equal weighted S&P500 ($RSP) hits ATH, see weekly chart! Tech stock weakness is masking the strength in other stocks! Follow the other strong stocks.

@ 11:51 pm
GMI3/6
GMI-22/9
T210858%

I was amazed to find so many other stocks doing well while the former tech leaders are weakening. Even the equal weighted QQQ (QQQE) is weak. Forget the tech stocks and former leaders until they hit ATHs again. There is still time for me to ride the new winners. Even DIA hit an ATH on Wednesday! The question remains, however, whether the wipe out in the former tech leaders will eventually  spread to the other stocks. I use close stops so I exit at the first sign of weakness.

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