The GMI and GMI-R remain at 1. There were 33 new highs and 184 new lows in my universe of 4,000 stocks on Thursday. Only 21% of the Nasdaq 100 stocks closed above their 30 day averages. This is not the time to be brave. I must follow the trend of the markets, which is down. When the major popular growth stocks
(AAPL, RIMM, ISRG, BIDU) begin to crack, the rest of the market will
likely follow. Why swim against the tide? I am mainly in cash but also own July call options on QID. The QID is designed to rise twice as much as the QQQQ declines. I am therefore betting that the QQQQ is headed down, at least near term.