The GMI remains at 5. 54-60% of the stocks in the Nasdaq 100, S&P 500 and Dow 30 indexes advanced on Wednesday. There were 33 new 52 week lows in my universe of 4,000 stocks, the largest number since November 2. Wednesday was the 8th day in the current QQQQ down-trend. Given the rapid retreat from Wednesday’s highs, do we need more evidence that this market is topping? The leaders, AAPL, RIMM and GOOG continue to weaken. I am slowly accumulating QID as the QQQQ down-trend continues.
See my disclaimers at the bottom of my prior post.