GMI:0; GMI-R:0; Earnings bounce; cash is king

The GMI and GMI-R remain at zero.  On Monday, there were 69 new highs and 189 new lows in my universe of 4,000 stocks.  Thank you for the nice comments about yesterday’s post about Nicolas Darvas.  It appears we are finally getting the earnings bounce.  The key is whether this rally in the QQQQ can break above the last peak at 52.63.  Monday’s rally came on relatively low volume and may turn out to be a dead cat bounce.  We may have to wait for earnings season to be completed before this market reveals itself.  The winning strategy for me is to react after a turn and not to anticipate one. For now, cash is king. 

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