Both the GMI and GMI2 rose to 2, but the short term down-trend is still in place. IBD also says the market is still in a correction. The market has snapped back on unimpressive volume, suggesting to IBD that the institutions are not jumping on board. I remain mainly in cash with a couple of small short positions. Check out the daily chart of the QQQQ below (click on chart to enlarge). The short term up-trend that began last September is now over. The new short term down-trend is 10 days old. How long will it last? No one knows. I follow trends until they end.
