GMI: 2; GMI-R: 4; QQQQ Up against resistance; IBD100 new highs

The GMI is back to 2 and the GMI-R to 4.  The QQQQ bounced down off of resistance Thursday.  The next few days should tell us whether the current short term up-trend will continue or whether the down-trend resumes.  There were 89 new highs and 93 new lows in my universe of 4,000 stocks.  The Worden T2108 fell to 53%. 16 stocks from the IBD 100 stock lists I monitor hit highs on Thursday:  NBL,XTO,GG,WFT,NEU,OIL,STLD,CMED,FLS,ABV,NGS,CENX,

MTL,AUY,ATLS,GEF.  Some of these stocks may turn out to be the new market leaders…..

It is true that my indicators can only tell me when an up or down-trend has already begun.  This is the essence of trend-following.  But I have learned that trends can continue for months and there is plenty of time to jump on after the turn.  Anticipation of turns is futile and just leads to losses.  No one can consistently predict the market.

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