GMI: 0; GMI-R: 2; 47th day of QQQQ short term down-trend; cash and short

Again, there were no changes in my general market indexes.  The major indexes bounced down off of  their declining primary moving averages.  Once this happens, it is a sign that the short term rally is over and the decline will continue, unless we get a close above these moving averages today.  The key to this market is the quality of the next decline and whether the bottom will hold. If it doesn't, the panic selling may return. There were only 3 new highs and 50 new lows in my universe of 4,000 stocks on Wednesday.  The T2108 is back to 15%.  The place to be for me now is in cash or a little short.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.