The GMI fell to 3 (of 6) and the GMI-R to 5 (of 10). There were 11 new highs and 146 new lows in my universe of 4,000 stocks on Tuesday. With many failed break-outs, and more new lows than highs, this market looks treacherous on the long side. Better to be in cash or a little short.
Month: August 2008
GMI: 4; GMI-R: 8; 7th day of QQQQ up-trend; buying QLD and DDM
The GMI remains at 4 (of 6) and the GMI-R at 8 (of 10). There were 53 new highs and 47 new lows in my universe of 4,000 stocks on Thursday. The Worden T2108 indicator is at 53%, in neutral territory. As this up-trend develops, I am accumulating the ultra long QQQQ ETF, QLD, and the ultra long ETF for the Dow 30, DDM. Thursday was the 7th day of the current QQQQ up-trend.