GMI: 3; GMI-R: 5; Ready to go to cash; more than 100 new lows

The GMI is now 3 (of 6) and the GMI-R is 5 (of 10).  If Monday brings another down day, my indicators will turn  bearish.  For now, I wait for the change–I have made many mistakes in the past by trying to anticipate a turn.  I find it far better to follow my rules and to sell after they signal a turn.  There were 20 new highs and 106 new lows in my universe of 4,000 stocks on Friday.  Friday was the first day with more than 100 new lows, since March 20. Many of the new lows (16) involved banks–not a good sign for the health of the economy.

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