GMI: 1+; GMI-R: 4+; Indicators improving, tradeable rally?

This is the rally that I just love to resist.  The GMI is back to 1+ and the GMI-R to 4+, still well below the levels I like to see to go long.  The QQQQ is underperforming the SPY and the DIA.  The QQQQ is in the 18th day of its short term down-trend.  But a lot of the leaders are rising and all of the indexes I follow have bullish MACD daily crossovers.  The Worden T2108 is back to 34% and now above its 30 day average. I am beginning to think this is a tradeable rally.  But I don’t trust it to last.  Still, I am wading in on the long side and setting close stops.

2 thoughts on “GMI: 1+; GMI-R: 4+; Indicators improving, tradeable rally?”

  1. recent long positions paid off nice today. it was good to see the market not give back its mid day gains when more negative news came out re: credit crunch (it gave them partially back 2x, but fought back to end the day near the highs. This is more evidence a bottom — at least an intermediate one — is in. expecting rally to continue at least through end of year — wouldn’t be surprised if it goes longer — as $ is moving back into the market. No cracks in my indicators yet … they are telling me (and have been for the last week)that higher prices are coming … and I still expect the highs — at least in the NDX — to be taken out in the next couple of months.

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