Gmi-5; GMI-S, 19; markets weakening; GOOG, GRMN, IOC

The GMI fell to 5 on Monday, with only 94 new highs in my universe of 4,000 stocks. The GMI-S fell to 19, with few short term indicators remaining positive. I still think that this decline is setting up a rally when earnings come out in July.  The major indexes are still above their 10 week averages.  So, while the short term may look weak, the longer term up-trend is still intact.  I am holding covered call positions and a lot of cash.  GOOG and GRMN still look strong.  And then there is IOC which is giving me 10% premiums on my covered calls.  A lot of people must be betting that their natural gas find will pan out.  I am very pleased to sell these persons calls on my shares at huge premiums.

I will let you know if my indicators weaken.

Note my disclaimers on my prior posts.

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