GMI: 1; GMI-S: 0; Short or in cash

The GMI is still 1 and the GMI-S has returned to zero.  Gmi0313 Only 3-4% of the stocks in the Nasdaq 100, S&P 500 and Dow 30 indexes rose on Tuesday.  Only 13% of the Nasdaq 100 stocks and 46% of this week’s IBD 100 stock list closed above their 30 day averages.  Tuesday was the 11th day in the current QQQQ down-trend.  It remains to be seen whether these declines will surpass the lows of last week.  Right now there is so much technical damage to the indexes that I am either short or in cash. 

See my disclaimers at the bottom of yesterday’s post.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.